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Chinese battery, car and bus manufacturer BYD Company Limited expects a large net profit increase in 2013. The company realizes profit in the third quarter, among others because of domestic auto demand increase.
BYD unveiled that it realizes net profit of 38.16 million yuan (equal around to 6.23 million dollar) in the third quarter. The figure for last year was 4.6 million yuan. In the first 9 months of 2013, BYD realized a profit of 465.1 million yuan, which correspond 430 – 477 million yuan expectation. Last year, the profit was only 20.88 million yuan.
Third quarter revenues increased 20% to 12.66 billion yuan; the figure for last year was 10.53 billion.
BYD, which is located in Shenzhen City, forecasts a net profit surge for 2013 of 619%, to 585.1 million yuan. Two main reasons, because of the good car market performance, and growth of the bus and battery sales. MidAmeriacan Energy Holdings Co., which belongs to Warren Buffett’s investment company: Berkshire Hathaway Inc, holds 10% shares of the BYD shares.