BYD profit plunges 94%. Why does Munger still believe in it?
Buffett-Backed BYD’s Profit Plunges 94% on Handset, Solar Units
By Bloomberg News - Aug 27, 2012 9:00 AM PT .Facebook Share LinkedIn Google +1 0 Comments
Print QUEUEQ..BYD Co. (1211), the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/B), said first- half profit plunged 94 percent, dragged down by its solar-cell and handset units.
Net income fell to 16.3 million yuan ($2.6 million) in the six months ended June 30, compared with 275.4 million yuan a year ago, BYD said in a statement to the Shenzhen stock exchange yesterday. Sales rose 0.2 percent to 22.6 billion yuan.