Auto maker BYD profits slump 94%

Chinese carmaker BYD’s (002594.SH, 1211.HKG) profits fell 94% in the third quarter because of weak mainland demand and losses from its solar panel operations, South China Morning Post reported. The company predicts its full-year profit to fall as much as 98%. BYD forecasts profits between US$4.41 million and US$17.63 million, down from US$220 million last year. The Shenzhen-based company expected lower losses from its solar panel business in the second half of the year, they said in a filing with the Hong Kong Stock Exchange. Before its earnings announcement on Monday, BYD shares rose 3.6% to HK$15.70. BYD reported net profits of US$732,000 from July to September while revenue fell 11% to US$1.67 billion. The company sold approximately 77,000 cars, 18% fewer than the same period last year.