Chinese electric car and component maker BYD reported net profit down 44% year on year to CNY1.4bn (US$222m) for full year 2011 due to strong competition in China and a decrease in photovoltaic product prices.

The company beat the average forecast of CNY938m in a Thomas Reuters poll of 20 analysts.

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Standard Chartered Bank analyst Rebecca Tang said: “The difference is likely from one-off gains which are not included in the forecasts.”

The company said the results were provisional.

BYD has been cutting jobs and restructuring to increase its competitiveness and efficiency. Earnings have been down due to strong competition and over-expansion.

Tang noted that strong sales of SUVs helped in 2011.

Revenue rose 1.2% to CNY49bn and earnings per share dropped 45% to CNY0.61.

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