Carmaker BYD predicts dismal third-quarter results

The Chinese battery and automaker BYD Ltd remains cautious about its third-quarter outlook and has forecast a steep profit fall of as much as 95 percent for the first three quarters after having significantly underperformed most of its peers in the first half, dragged down by its solar-cell and handset units.

Net income for the nine months to end of September is forecast to fall by as much as 95 percent to 17.6 million yuan ($2.77 million), BYD said in a statement to the Hong Kong stock exchange, after its first-half profit plunged 94 percent to 16.3 million yuan from more than 275.4 million yuan a year ago.

China's automobile industry demand is expected to remain weak with more intense market competition in the third quarter, driven by the uncertainties in the macroeconomic landscape at home and abroad, said the statement.