BYD third-quarter profit growth slows, misses forecasts
Chinese electric vehicle maker BYD reported a 28 per cent rise in third-quarter net profit to 10 billion yuan, missing analyst forecasts and cooling from 30 per cent growth in the previous quarter. Revenue growth of 13.6 per cent reversed a four-quarter decline.
Chinese electric vehicle maker BYD reported a smaller-than-expected 28 per cent rise in third-quarter net profit on Thursday, though strong export growth helped offset persistent weakness in its home market.
Net profit rose to 10 billion yuan (HK$11.76 billion) in the three months to September, a stock filing showed, cooling from a 30 per cent increase in the previous quarter. The result missed estimates from three brokerages compiled by Reuters, whose forecasts ranged from 11.4 billion yuan to 12.95 billion yuan.
Revenue was up 13.6 per cent year on year at 221.5 billion yuan, reversing a 3 per cent drop in the second quarter and ending a four-quarter streak of declines.