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Sharp growth in China’s BYD Q1 profits

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Shenzhen-based automaker BYD sold 45,000 cars in April, up 40.6 percent over its poor showing in the period a year ago, but a decline from the 68,000 cars in sold in March, the company said. Sales of the BYD F3 totaled 21,000 cars last month, while its F0 sold 15,000 units.

The company reported a net profit of more than 1.7 billion yuan in the first quarter of 2011, a remarkable growth of 255 percent from the same period of 2010.

China’s securities regulator said last Thursday it will review BYD’s initial public offering application today. The Chinese battery and car maker said in a separate statement last week that it plans to sell no more than 79 million shares, or 3.4 percent of its total capital, ahead of a listing on the Shenzhen Stock Exchange.

Via: ChinaDaily.

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