The Chinese electric vehicle manufacturer generated 10 billion yuan ($1.50 billion) in net profit for the third quarter, representing a 28 percent annual increase. This performance lagged behind the 11.4 billion yuan to 12.95 billion yuan anticipated by three brokerages surveyed by Reuters. Even with the domestic slowdown, foreign demand propelled quarterly revenue up 13.6 percent to 221.5 billion yuan. That rebound successfully reversed a 3 percent drop in the second quarter and ended four straight quarters of declining revenue.
Key points
Profit growth decelerated to 28 percent compared to the 30 percent increase recorded in t…: Profit growth decelerated to 28 percent compared to the 30 percent increase recorded in the previous quarter.
Strong export sales supported the automaker despite sustained weakness across its domesti…: Strong export sales supported the automaker despite sustained weakness across its domestic market.
The double-digit revenue expansion ended a streak of four consecutive quarters of declini…: The double-digit revenue expansion ended a streak of four consecutive quarters of declining sales.
Sources checked by our analysis pipeline: 1
BEIJING, Oct 29 : Chinese electric vehicle maker BYD reported a smaller-than-expected 28 per cent rise in third-quarter profit on Thursday, though strong export growth helped offset persistent weakness in its home market.
Net profit rose to 10 billion yuan ($1.50 billion) in the third quarter, a stock filing showed, cooling from a 30 per cent increase in the previous quarter.
That missed estimates from three brokerages compiled by Reuters, whose estimates 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.
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