Chinese carmaker profit dives on weak auto sales

BYD, a Chinese carmaker backed by US billionaire Warren Buffett, said on Monday that first-half net profit fell 88.63 per cent from a year earlier on weak auto sales. The company, which also makes and sells batteries and cellphone components, reported a net profit of 275.36 million yuan ($154.14 million) for the first six months compared to 2.42 billion yuan a year earlier. The profit was slightly above an average forecast of 267 million yuan from three analysts polled by Reuters. In July, Chinese carmaker, 10 per cent owned by Buffett's Berkshire Hathaway Inc, forecast first-half net profit to come in between 121.06 million yuan and 363.18 million yuan.