HK Movers | BYD Company up 5.8% as It Expects Q1 Net Profit to Grow 86.0-118.9% Y/Y
BYD (HKG: 1211, OTCMKTS: BYDDY) previewed solid first-quarter results, though not as strong as the fourth quarter of 2024.
The new energy vehicle (NEV) maker expects its net income for the first quarter to be between RMB 8.5 billion ($1.16 billion) and RMB 10 billion, up 86.04 percent to 118.88 percent year-on-year, according to a stock exchange announcement during today's lunch break.
BYD Company’s Hong Kong-listed shares jumped 5.8% on the news.
BYD expects its basic earnings per share for the first quarter to range from RMB 2.91 to RMB 3.42, up from RMB 1.57 in the same period last year.
China's NEV industry maintained strong growth momentum in the first quarter, and the company, an industry leader, saw the highest first-quarter performance in NEV sales, BYD said.
BYD's overseas NEV sales grew significantly in the first quarter, further solidifying its position as the world's No. 1 seller of NEVs, it said.
In addition, the continuously expanding scale effect and vertically integrated strategic layout helped the group achieve significant growth in profitability, BYD said.
The earnings preview data is the result of preliminary calculations by BYD's finance department and has not been audited by an accounting firm, its announcement noted.
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