BYD electric cars rev up earnings by 384% in first half

BYD Co Ltd, a major Chinese new energy vehicle manufacturer, posted a first-half profit increase of 384 percent to 2.26 billion yuan ($342 million) compared to the same period last year, mainly due to the increase in its new energy vehicle business.

Boosted by the rocketing profit, its Hong Kong shares on Monday rose by 3.9 percent at one point to HK$53 ($6.8), and closed at HK$52.25.

Its revenue also grew by 43.74 percent year-on-year to 43.75 billion yuan in the first six months of 2016, 35 percent of which was from its new energy automobile business, according to its interim results published on Sunday.