BYD share increases: Tesla competitor BYD with strong figures – increased costs weigh on profit for the full year

The fourth fiscal quarter of 2021 ended with a strong jump in profits for BYD. Earnings per share for the period were CNY0.740, up from CNY0.300 a year earlier. Analysts had previously expected the company to post an EPS of 0.740 CNY.

Revenues, meanwhile, were down, falling to CNY42.50 billion from CNY51.58 billion. The company thus met the analysts’ expectations with pinpoint accuracy.

For the full year 2021, EPS was CNY 1.06 after CNY 1.47 in the previous year. Net profit fell to CNY 3.05 billion from CNY 4.23 billion due to high expenses. Meanwhile, revenue rose to 211.30 billion CNY from 153.47 billion. Experts had previously forecast earnings per share of CNY 1.51 and revenues of CNY 214.80 billion.

The company announced that sales of electric vehicles as well as smartphone components and rechargeable batteries increased in the year under review. The development of new car models is to be accelerated for 2022, and BYD also wants to further establish itself as an important supplier of mobile phone components in the USA.

BYD shares are higher on the Shenzhen Stock Exchange, gaining 1.82 percent to CNY234.21 in late trade.

Editorial office finanzen.net

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