BYD Co. Ltd. said its normalized net income for the first quarter was 18 fen per share, a decrease of 45.1% from 32 fen per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 535.4 million yuan, a decrease of 37.5% from 856.5 million yuan in the prior-year period.
The normalized profit margin declined to 2.5% from 4.2% in the year-earlier period.
Total revenue rose year over year to 21.05 billion yuan from 20.29 billion yuan, and total operating expenses grew 5.0% year over year to 19.56 billion yuan from 18.63 billion yuan.
Reported net income decreased 28.8% on an annual basis to 605.8 million yuan, or 20 fen per share, from 850.7 million yuan, or 32 fen per share.
As of April 28, US$1 was equivalent to 6.90 yuan.