BYD Posts First Profit Rise in Over a Year
Chinese electric vehicle maker BYD reported its first quarterly profit rise in over a year, helped by surging exports that offset weak domestic sales. However, the rebound missed analyst estimates as stiff domestic competition weighed on results.
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BYD CO LTD-H posted a second-quarter net profit of 8.2 billion yuan ($1.22B), up 30% year-on-year, marking its first profit rise in over a year. The rebound followed four straight quarters of declines and reversed a 55% drop in the preceding period. However, the profit growth missed forecasts from major investment banks that had expected a 48% increase.
