SHENZHEN, April 28 (Xinhua) -- China's leading new energy vehicle (NEV) manufacturer BYD Company Limited expected net profit for the first half to grow 10 percent to 23.75 percent despite a weak performance in the first quarter.
Net profit for the January-June period is projected to reach 1.6 billion yuan (about 226 million U.S. dollars) to 1.8 billion yuan, BYD said in its first-quarter report.
The company said the profit increase will come due to a steady recovery of the auto market after the COVID-19 epidemic waned, and the growth in other businesses, including rail transit, handset components and assembly services, and face mask production.
In the first quarter, BYD posted sharp declines in net profit and revenue following weak NEV sales amid the COVID-19 epidemic.
In the January-March period, net profit plunged 85 percent year on year to 113 million yuan while revenue dropped 35.1 percent to 19.68 billion yuan, it said. Enditem