BYD Posts Decline In Profit, Projects Higher Q1 Earnings

reported a 22% drop in its net profit for 2014. However, the company projects a rise in its earnings for the first quarter. BYD's net profit for the year slipped to 433.5 million yuan (US$69.8 million), versus a year-ago profit of CNY553.1 million. Its revenue climbed 11% to CNY55.37 billion, compared to CNY49.77 billion. For the first quarter, the company projects a net profit of CNY100 million to 150 million, versus a profit of CNY11.97 million in the prior year. BYD shares rose 0.32% to close at $9.51 on Friday.