Tags: Buffett | BYD | Profit | Sales

Buffett-backed BYD Predicts Smaller Profit on Weak Sales

Sunday, 25 Aug 2013 10:32 AM

 

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BYD Co., the Chinese automaker that counts Warren Buffett’s Berkshire Hathaway Inc. as a shareholder, predicted the smallest quarterly profit in a year on weaker vehicle sales and mobile phone orders.

Net income for the July-to-September quarter may be 3 million ($490,000) to 50 million yuan, according to Bloomberg calculations subtracting the company’s six-month figures from its nine-month projection. A profit at the low end of the forecast would give the Shenzhen, China-based automaker its smallest three-month profit since a loss in the second quarter last year, according to data compiled by Bloomberg.

BYD on Sunday reported first-half net income surging 2,524 percent to 427 million yuan due to rising auto sales, strong orders for its mobile phone handset business and narrower loss in it photovoltaic segment.

“The automotive industry is in its weak season in the third quarter,” BYD said in a statement to the Shenzhen stock exchange. Profitability at its smartphone business is under pressure due to increasing competition in the industry, while solar losses remain a drag on the group’s results even though losses are narrowing, the company said.

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