Buffett-backed BYD warns of 95% drop in H1 profits
- By Wu Nanlan
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China.org.cn, July 14, 2011
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Chinese car maker BYD warned Wednesday its profits in the first half of the year may have fallen 95 percent from a year earlier. |
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Buffett-backed BYD warns of 95% drop in H1 profits |
比亚迪上半年净利跌95% |
| Chinese car maker BYD warned Wednesday its profits in the first half of the year may have fallen 95 percent from a year earlier amid stiff competition and a drop in auto sales after some tax incentives for small cars ended. | 昨日比亚迪(002594,股吧)公布的中期业绩预告再度报忧，上半年净利同比下降达95%。比亚迪表示，业绩下滑，是受车辆购置税优惠政策取消及市场竞争加剧的影响。 |
| BYD said its profit for the first six months of the year were likely between 121 million yuan (US$18.7 million) and 363 million yuan (US$56.1 million), down 85 to 95 percent from 2.42 billion yuan a year earlier. | 预告显示，公司上半年实现净利润约1.21亿元至3.63亿元，比上年同期下降85%至95%。 |
| The company, which also makes batteries and mobile phone parts, said sales of its handset parts and assembly business also declined during the six month period after a major customer postponed orders, according to documents filed with the Shenzhen stock exchange on Tuesday. | 此外其业绩下滑，另一方面也是由于手机部件及组装业务受单一最大客户部分订单推迟影响，销售收入与去年同期相比有所下降。 |
| Last month, BYD reported that its first quarter profits dropped 84.35 percent over a year before to 266.74 million yuan. | 在此前A股上市时，比亚迪在港披露的一季报显示，今年一季度净利润2.67亿人民币，同比下降84.35%。 |
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Analysts said that given the company's recent performance, there may be more tough times ahead. |
相比此次业绩预报，比亚迪二季度的情况更加艰难，甚至不排除亏损可能。 |
China's business press carried the story above on Wednesday.
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