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BYD Co. Ltd. Q1 profit climbs 28.6% YOY

BYD Co. Ltd. said its normalized net income for the first quarter came to 2 fen per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 fen per share.

EPS decreased 36.4% year over year from 4 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 56.7 million yuan, a gain of 28.6% from 44.1 million yuan in the prior-year period.

The normalized profit margin rose to 0.8% from 0.4% in the year-earlier period.

Total revenue rose 30.4% year over year to 15.28 billion yuan from 11.72 billion yuan, and total operating expenses increased 30.0% year over year to 14.71 billion yuan from 11.32 billion yuan.

Reported net income increased 910.7% from the prior-year period to 120.9 million yuan, or 5 fen per share, from 12.0 million yuan, or 1 fen per share.

As of April 27, US$1 was equivalent to 6.22 yuan.