CHINA: BYD net profits slump in Q3
BYD Co has suffered a fall in third quarter net profits as the Chinese auto market cools on government attempts to stop the economy over-heating.
The carmaker, which is back by the US investor Warren Buffett, saw net profit fall to 11.82 million yuan (US$1.78m) compared with 1.16 billion yuan a year ago, a drop of 99%.
Revenues at the company were up by 0.27% to 10.26 billion yuan in the period.
Company data, quoted by Reuters, showed that BYD's auto sales started to fall away in in August, down 19% on the same month a year ago. September sales fell 25%. In contrast, the general market for passenger cars in China rose around 19% in each month.