BEIJING/HONG KONG, April 27 (Reuters) - Chinese automaker BYD Co Ltd posted a 910 percent rise in net profit for the first quarter, in a reversal of last year's shrinking trend as sales gained momentum of "new energy" vehicles (NEVs) such as electric cars and hybrids.
BYD, backed by Warren Buffett's Berkshire Hathaway, said it earned a net 120.9 million yuan ($19.4 million) in the quarter, in line with the company's forecast of between 100 million and 150 million.
The Shenzhen-based automaker took in 15.3 billion yuan in revenue according to its unaudited first-quarter report, an increase of 30.35 percent year-on-year.
The company, originally a maker of mobile phone batteries, began making cars in 2003 with a focus on hybrid and electric vehicles, a sector which has benefited from the Chinese government's fuel economy standards along with subsidies and tax breaks for certain NEVs.
"BYD has a much longer history and better proof that their NEVs are running well in the market, especially for their buses as well as their taxis," said Harry Chen, an analyst at Guotai Junan Securities in Shenzhen, prior to the earnings release.
BYD forecasts a net profit of between 400 million and 480 million in the first six months of the year, compared with 360.7 million in the same period in 2014.
The company had halted trading in its shares in Hong Kong and Shenzhen on Friday pending the latest announcement. ($1 = 6.2185 Chinese yuan renminbi) (Reporting by Jake Spring in Beijing and Meg Shen in Hong Kong; Editing by David Holmes)