BYD: Group net profit up 29.8 per cent in the second quarter to 8.2 billion yuan

The Chinese electric vehicle manufacturer BYD ended the second quarter with a net profit up 29.8 per cent year-on-year, at 8.2 billion yuan ($1.22 billion). The company announced this, adding that this result brought an end to a run of four consecutive quarters of decline and reversed the 55.4 per cent fall recorded in the previous quarter.

Quarterly turnover fell by 3.2 per cent to 194.6 billion yuan in the quarter: a smaller decline than the 11.8 per cent recorded in the first quarter, though it marked the fourth consecutive quarterly fall. According to the company’s statement, the rise in profits was achieved thanks to a sharp increase in exports, which offset the weakness in domestic sales.