BYD Q1 profit more than triples as new models boost car sales

HONG KONG, April 25 Thu Apr 25, 2013 5:35am EDT

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HONG KONG, April 25 (Reuters) - BYD Co Ltd , a Chinese carmaker backed by U.S. billionaire Warren Buffett, saw it quarterly earnings more than tripled as new models lured consumers back to its showrooms.

BYD made 112 million yuan from January to March, up from 27 million yuan a year earlier. It had projected first-quarter net profit of 100-140 million yuan.

In a stock exchange filing released on Thursday, BYD said it expected rising car sales to boost earnings in the first half of this year.

Revenue and profit at its cell phone business will also rise significantly thanks to new products, it added.

From January to March, BYD sold 142,851 cars, up 25.1 percent from a year earlier. (Reporting by Hong Kong newsroom and Fang Yan in BEIJING; Editing by Kazunori Takada)

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