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BYD Co. Ltd. profit misses consensus by 81.0% in Q2

BYD Co. Ltd. said its normalized net income for the second quarter came to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 51 fen per share.

EPS declined 73.6% year over year from 37 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 272.2 million yuan, a decline of 70.7% from 928.5 million yuan in the year-earlier period.

The normalized profit margin dropped to 1.1% from 3.8% in the year-earlier period.

Total revenue declined on an annual basis to 23.99 billion yuan from 24.66 billion yuan, and total operating expenses totaled 22.50 billion yuan, compared with 22.73 billion yuan in the prior-year period.

Reported net income declined 20.7% year over year to 1.12 billion yuan, or 40 fen per share, from 1.41 billion yuan, or 56 fen per share.

As of Aug. 28, US$1 was equivalent to 6.63 yuan.