SHANGHAI/HONG KONG, March 14 (Reuters) - BYD Co Ltd , a Chinese car and battery maker backed by U.S. billionaire Warren Buffett, said on Sunday its fourth-quarter net profit rose 500 pct thanks to robust car sales primed by tax incentives from Beijing.
BYD, 10 percent owned by Buffett's Berkshire Hathaway , booked 1.46 billion yuan ($214 million) in net profit for the October to December quarter, according to Reuters calculations based on the company's previously reported data.
The net profit beat a consensus forecast of 891 million yuan and compared with 243 million yuan made in the same period the previous year.
Shares in BYD ended down 2.27 percent on Friday at HK$68.90.
The stock gained 7 percent in the fourth quarter of 2009 and has been largely flat so far in 2010, compared with a 5 percent decline in the Hang Seng China Enterprises index of major Chinese companies listed in Hong Kong.
($1=6.825 yuan)
((Reporting by Fang Yan and Jacqueline Wong; Editing by Greg Mahlich)
((yan.fang@thomsonreuters.com; Reuters Messaging: yan.fang.reuters.com@reuters.net; +86 21 6104 1793)) Keywords: BYD/RESULTS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
BYD, 10 percent owned by Buffett's Berkshire Hathaway , booked 1.46 billion yuan ($214 million) in net profit for the October to December quarter, according to Reuters calculations based on the company's previously reported data.
The net profit beat a consensus forecast of 891 million yuan and compared with 243 million yuan made in the same period the previous year.
Shares in BYD ended down 2.27 percent on Friday at HK$68.90.
The stock gained 7 percent in the fourth quarter of 2009 and has been largely flat so far in 2010, compared with a 5 percent decline in the Hang Seng China Enterprises index of major Chinese companies listed in Hong Kong.
($1=6.825 yuan)
((Reporting by Fang Yan and Jacqueline Wong; Editing by Greg Mahlich)
((yan.fang@thomsonreuters.com; Reuters Messaging: yan.fang.reuters.com@reuters.net; +86 21 6104 1793)) Keywords: BYD/RESULTS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
