BYD predicts 2012 net to fall 98% on year at most

China’s leading electric car and battery manufacturer BYD (002594.SZ; 01211.HK) predicted its full-year net profits for 2012 would fall 98% at most from last year, according to the company’s filing to the Shenzhen Stock Exchange on Monday evening.

The automaker said it suffered a sharp fall of 94.08% year on year in net profits in the first three quarters of this year, chiefly affected by pale demand from the automobile and solar cell sectors.

BYD’s operating turnover in the first nine months of this year totaled 33.11 billion yuan, a moderate decline of 3.57% from the corresponding period of 2011.

(Contributed by Olivia, olivia@tireworld.com.cn)