BYD H1 net income more than doubles
(chinadaily.com.cn)
2010-08-23 17
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First half net income of BYD Co, the Chinese automaker backed by Warren Buffett, more than doubled to 2.42 billion yuan, or 1.06 yuan a share, from 1.18 billion yuan, or 0.57 yuan, a year earlier, the company said in a statement to the Hong Kong stock exchange yesterday.
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BYD posted a second-quarter profit of 717 million yuan ($106 million). It's the first time BYD, whose F3 car was the best-selling model in China in the first half, reported second-quarter results, and no year-earlier comparison was available.
BYD still plans to list shares in Shenzhen when the right market conditions are in place, Chairman Wang Chuanfu said in Hong Kong today.
"The company hopes to be able to list on the A-share market by the end of the year," he said, adding that the timing of the listing will also depend on BYD's liquidity requirements.
Shareholders will vote on the proposal to trade BYD in Shenzhen, where the company is based, at an Aug 30 meeting.
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