China’s BYD posts 11.5% rise in Q3 net profit

BEIJING (Reuters) – Chinese electric vehicle maker BYD (SZ:002594) recorded a 11.5% rise in third-quarter net profit on Wednesday, as it maintained strong sales momentum helped by government trade-in incentives.

Net profit rose to 11.6 billion yuan ($1.63 billion) in the July-September quarter, while revenue grew by 24% from a year earlier to 201.1 billion yuan, the company said in a stock exchange filing.

For the first nine months, net profit was up 18.1% to 25.2 billion yuan.

($1 = 7.1215 Chinese yuan renminbi)