BYD's Q1 net profit fell by over 80 percent year-on-year due to slowdown in automobile businesses.

Buffet-backed BYD booms in Shenzhen debut

首季凈利暴跌比亞迪今上市

Shares of China's BYD Co., a private automaker backed by billionaire Warren Buffett, rose by 22.22 percent on Thursday in its debut on the Shenzhen stock exchange despite weak first quarter earnings.

The Shenzhen-based carmaker announced Wednesday its first quarter net profits dropped 84.35 percent on an annual basis to 266 million yuan. In a filing with the Hong Kong stock exchange, where BYD is already listed, the company attributed its poor performance to a slowdown in car sales.

The profit drop was "mainly due to a decline in automobile sales volume and revenue as a result of the cessation of preferential tax policy on automobile purchases and intensifying market competition," BYD said in a statement.

Operating revenue fell 11.6 percent from a year earlier to 11.71 billion yuan.

BYD shares in Hong Kong dropped 4.99 percent to close at HK$23.8.

BYD sold 79 million shares at 18 yuan per share in its initial public offering in Shenzhen. The company raised a total of 1.422 billion yuan, 35.13 percent lower than the previously estimated 2.192 billion yuan.

今日，億萬富翁巴菲特看好的比亞迪在深圳證券交易市場中小板正式掛牌上市，雖然比亞迪昨天公布的一季度業績差強人意，其開盤仍大漲22%。

昨日比亞迪在港公布的2011年一季度財務數據顯示，比亞迪一季度凈利潤同比為2.66億元人民幣，同比下降84.35%。對于業績大幅下降，比亞迪稱，是由于汽車銷量的下降。

利潤的下降“主要是由于購置稅政策的取消及市場競爭的加劇導致汽車銷量及收入下降”，比亞迪在公告中稱。

比亞迪一季度營業收入117.1億人民幣，同比下滑11.6%。

昨日,比亞迪在港股價報收于23.8港元，下跌4.99%。

資料顯示，比亞迪此次A股發行價為18元/股，融資額為14.22億，比此前預計募資21.92億元銳減了35.13%。