Buffett-backed BYD says preliminary 2012 net profit down 94 pct

Newswire

HONG KONG, Feb 27 (Reuters) - BYD Co Ltd, the Chinese car maker backed by U.S. billionaire Warren Buffett, said on Wednesday its preliminary net profit fell 94 percent in 2012 to 81 million yuan ($13 million) due to weak automobile demand in China. The yearly profit of BYD, which also makes batteries, was also hit by its solar cell business, which worsened substantially due to persistently slow demand. For a full statement, click ...

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