BYD earning performance falls
Updated: 2011-09-16 13:34
By Meng Fanbin (chinadaily.com.cn)
According to the semiyearly report published recently, BYD Auto Co Ltd (BYD) realized a total operating revenue of 22.55 billion yuan in the first half of the year, a drop of 10.77 percent compared with the same period last year.
The net profit of the company totaled 275 million yuan, falling 88.63 percent; with a debt ratio reaching 62.55 percent.
BYD's performance fell immediately after it became listed, and because there were no detailed indications of risks in its prospectus, the sponsor of its listing will most likely be punished.
According to statistics published by authoritative auto organizations, BYD has already dropped out of the top ten national passenger car sales.
On Aug 29, BYD launched a mass staff reduction plan in its sales department. Thousands of employees have already left or are going to leave BYD.
Some analysts said that the layoff issue was damaging to the company but the recent safety airbag crisis has been more harmful to BYD, further reducing its selling market.
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