Chinese BYD's H1 rechargeable battery, green business sales fall 8.75% Y/Y

Aug 28, 2012 - Chinese battery and solar panel maker BYD Co Ltd (HKG:1211) on Monday reported first-half revenues of CNY 2.2 billion (USD 346m/EUR 277m) from its rechargeable battery and new energy segment, down 8.75% year-on-year.

The segment includes BYD's solar photovoltaics (PV) operations, lithium-ion and nickel batteries, portable electronic instruments and other new energy products.

The company said that its solar PV business had been hit by the falling selling prices, which were a result of the supply-demand imbalance, which has been weighing on the result of many sector players. BYD did not provide separate figures for its solar business in its first-half financial report.

Consolidated revenue for the January-June period declined by 0.39% on the year to CNY 21.4 billion, while net profit dropped by 94.09% to CNY 16 million. The company said it expected its net profit in the first nine month of 2012 to fall to CNY 17.6 million-88.2 million, as a result of weak demand in in China's automobile industry, an expected decline in the results of the handset components and assembly business and the tough solar product market.

(CNY 1 = USD 0.157/EUR 0.126)

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