Buffett-backed BYD says profit will return to growth in 2013

HONG KONG Tue Aug 28, 2012 12:35am EDT

HONG KONG Aug 28 (Reuters) - BYD Co Ltd , a Chinese carmaker backed by billionaire U.S. investor Warren Buffett, said on Tuesday that it expected to see a return to profit growth in 2013 after the completion of a three-year restructuring.

Chairman Wang Chuanfu was speaking at an earnings briefing a day after the company posted a 94 percent drop in first-half earnings, underperforming most of its rivals as sales sagged and its solar energy business lost money.

He added that BYD expected the launch of new car models would help drive auto sales growth. (Reporting By Alison Leung; Writing by Anne Marie Roantree; Editing by Chris Lewis)

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