Buffett-backed BYD says preliminary 2012 net profit down 94 percent

HONG KONG Wed Feb 27, 2013 5:38am EST

HONG KONG (Reuters) - BYD Co Ltd (1211.HK), the Chinese car maker backed by U.S. billionaire Warren Buffett, said on Wednesday its preliminary net profit fell 94 percent in 2012 to 81 million yuan ($13 million) due to weak automobile demand in China.

The yearly profit of BYD, which also makes batteries, was also hit by its solar cell business, which worsened substantially due to persistently slow demand.

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($1 = 6.2295 Chinese yuan)

(Reporting by Alison Leung; Editing by Anne Marie Roantree)