Profit at BYD, the Chinese producer of autos, batteries and cellphone elements 10% owned by Warren Buffett’s Berkshire Hathaway, rebounded final 12 months after a disastrous 2012.
Net earnings climbed to 553 million yuan, or $ 89 million, in 2013 from 81 million yuan a yr earlier, BYD said yesterday.
Net profit at BYD in 2012 plunged by 94% on weak car sales. The 2013 profit figure was in line with tentative organization outcomes posted by BYD on Feb. 27.
Revenue last yr increased to 49.8 billion yuan from 44.4 billion yuan in 2012. Though a massive improvement from BYD’s 2012 outcomes, the company’s 2013 earnings have been properly under the 1.38 billion yuan it created in 2011. BYD’s shares, which trade in Hong Kong and Shenzhen, have a lot more than doubled in the previous year on expectations for improved business.
Chairman Wang Chuan-fu, who was the richest guy on the Forbes China Rich Checklist in 2009 with wealth of $ 4.3 billion, ranked No. 345 on the 2014 Forbes Billionaires List unveiled earlier this month. Buffett’s Berkshire Hathaway bought a virtually 10% stake in BYD in 2008.
The firm supplies rechargeable batteries to Samsung, Motorola, Nokia and Huawei, among other people.
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