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Friday, November 27, 2009

REUTERS: BYD says 9-mth net up 201 pct on strong car sales

Thu Nov 26, 2009 7:12pm EST

HONG KONG, Nov 27 (Reuters) - Chinese car and battery maker BYD Co Ltd (1211.HK) said late on Thursday its nine month earnings rose 201 percent due to strong car sales in its domestic market as it benefited from Beijing's supportive measures.

BYD, 10 percent owned by U.S. billionaire Warren Buffett's Berkshire Hathaway (BRKa.N), posted a net profit of 2.34 billion yuan ($342.8 million) from January to September, up from 777.8 million yuan the previous year.

This is the first time the company reported its nine-month results.

BYD will exceed its target of doubling its conventional car sales this year to 400,000 units, a BYD executive told Reuters on Monday in Guangzhou. (Reporting by Alison Leung; Editing by Ken Wills) ($1=6.826 Yuan)

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