UPDATE 1-China's BYD sees profit reverse by 44 percent

Newswire

(Adds details, analyst comments) SHANGHAI/HONG KONG, Feb 28 (Reuters) - Chinese car maker BYD Co Ltd said on Tuesday that its net profit in 2011 fell by 44 percent from a year earlier due to fierce competition in the world's largest auto market and a sharp fall in photovoltaic product prices. Backed by U.S. billionaire Warren Buffett, BYD posted net profit of 1.4 billion yuan ($222 million) last year, down from 2.52 billion yuan in 2010, it said in a preliminary results statement filed to ...

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