BYD, the Chinese carmaker backed by Warren Buffett, on Tuesday forecast a “rebound” in its troubled business next year, after reporting a 94 per cent drop in first-half net profit.
Wang Chuanfu, BYD chairman, said he expected the company’s three-year restructuring to bear fruit next year in spite of net profit falling to Rmb16.3m ($2.45m) in the six months to June 30, from Rmb275.4m a year ago.
The company said the first-half net profit was depressed by solar-cell and handset sales as well as vehicle deliveries. Net profit for the nine months to the end of September was forecast to fall by as much as 95 per cent to Rmb17.6m, the company said in a statement.
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