byd shares sink as profits plunge 99
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

BYD shares sink as profits plunge 99%

Arab Today, arab today

Arab Today, arab today BYD shares sink as profits plunge 99%

Hong Kong - Arabstoday

BYD plunged to a two-year low in Hong Kong after profit fell 99 per cent, extending a slump that has erased $7 billion (Dh25.71 billion) in market value from the Chinese automaker part-owned by Warren Buffett's Berkshire Hathaway. Net income fell to 8.62 million yuan in the second quarter from 717 million yuan a year earlier, according to figures derived by subtracting first-quarter from first-half figures. The Shenzhen-based automaker's vehicle sales have declined every month in the 12 months to July as the popularity of its best-selling model, the F3 sedan, has waned. BYD fell 14 per cent to HK$16.18 Tuesday, the lowest close since April 15, 2009. The stock has tumbled 81 per cent from its record close on October 23, 2009, reversing a more than 10-fold surge after Berkshire Hathaway unit MidAmerican Energy Holdings agreed to buy a 9.9 per cent stake in September 2008. "We keep frequent contact with Buffett and he can see our various operational data," BYD Chairman Wang Chuanfu said in Hong Kong yesterday when asked whether Buffett plans to reduce his holdings. "I believe we will maintain a good relationship with him."Buffett's stake in BYD has lost about $2 billion of value since its peak. By comparison, he booked a $3.5 billion profit in 2007 selling a stake in PetroChina, the country's largest oil producer, that he acquired for about $500 million. BYD's slump adds to losses for Berkshire Hathaway, which has dropped 15 per cent in US trading this year as global equity markets retreated.Berkshire Vice-Chairman Charles Munger said July 2 that BYD has the ability to recover from missteps because its executives "just put their head down and try harder" when they fail. Rivals General Motors and Honda Motor added new models, and China's government phased out buying incentives and imposed purchase restrictions to curb congestion. "They need to figure out a way to revive sales," said Chen Xiaoxia, a Hong Kong-based analyst at First Shanghai Securities, which has a "hold" rating on the stock. "BYD didn't have another best-selling model like the F3 to beef up sales." Wang said he's confident of selling more vehicles in the second half because more models will be on the market. The automaker will introduce the G6 sedan in September and may step up production of its S6 sport-utility vehicle from 6,000 units in August to 15,000 units a month by year's end to meet demand that is outpacing supply, he said. Profit in the first six months of the year dropped 89 per cent to 275.4 million yuan as the end of preferential taxes for small cars led to a drop in sales, the company said on Monday in a statement to the Shenzhen Stock Exchange. From / Gulf News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

byd shares sink as profits plunge 99 byd shares sink as profits plunge 99

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

byd shares sink as profits plunge 99 byd shares sink as profits plunge 99

 



GMT 05:50 2017 Tuesday ,15 August

20 killed in Takhar funeral attack

GMT 04:51 2017 Thursday ,13 April

Huda Kattan among top 10 beauty influencers

GMT 09:44 2018 Saturday ,06 January

Aoun to deliver speech in Rome this afternoon

GMT 09:14 2017 Saturday ,30 December

London stocks end year on record high

GMT 11:47 2017 Monday ,11 December

France's rightwing shifts after Macron victory

GMT 04:49 2013 Monday ,27 May

Feng Shui living room concepts

GMT 19:45 2017 Wednesday ,18 January

The UAE Releases Global State of the Future Report

GMT 23:40 2017 Wednesday ,18 October

OIC condemns terrorist attack in Jeddah

GMT 16:41 2017 Saturday ,18 February

FBMA International Show Jumping Cup 2017 competition

GMT 17:43 2017 Tuesday ,14 February

Spanish activists taken to court over BDS activism
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday