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 |
比亞迪上半年凈利跌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. | 昨日比亞迪(002594,股吧)公布的中期業績預告再度報憂，上半年凈利同比下降達95%。比亞迪表示，業績下滑，是受車輛購置稅優惠政策取消及市場競爭加劇的影響。 |
| 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. | 預告顯示，公司上半年實現凈利潤約1.21億元至3.63億元，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. | 此外其業績下滑，另一方面也是由于手機部件及組裝業務受單一最大客戶部分訂單推遲影響，銷售收入與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股上市時，比亞迪在港披露的一季報顯示，今年一季度凈利潤2.67億人民幣，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. |
相比此次業績預報，比亞迪二季度的情況更加艱難，甚至不排除虧損可能。 |
China's business press carried the story above on Wednesday.
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