BYD net profit up 14.3% in H1

The 4.4-kilometer monorail in BYD’s head office area in Pingshan District, Shenzhen. Photo by Sun Yuchen

China's leading new energy vehicle (NEV) manufacturer BYD Company Limited recorded 1.66 billion yuan ($242 million) of net profit in the first half of 2020 (H1), up 14.29 percent year-on-year.

During the January-June period, the company generated revenue of 60.5 billion yuan, down 2.7 percent year-on-year, BYD said in its financial report filed with the Shenzhen Stock Exchange.

With the recovery of the automobile business and growth in other businesses, BYD said it expected to make 2.8 billion yuan to 3 billion yuan of net profit in the first three quarters of this year, growing between 77.86 percent and 90.56 percent year-on-year.