China's BYD forecasts up to 91 percent profit

Chinese automaker BYD Co Ltdbacked by Warren Buffett’s Berkshire Hathaway Inc, on Sunday predicted an up to 91-percent profit increase in the first nine months of the year, as government policies drive green car sales.

The Shenzhen-based company forecast an 83 percent to 91 percent rise in net profit for the first nine months, between 3.6 billion yuan ($539.8 million) to 3.7 billion yuan, according to a stock exchange filing.

For the first half of 2016, BYD reported 2.3 billion yuan in profit, a 384 percent increase year-on-year, on the low end of the company’s predicted increase of 382 percent to 425 percent.

BYD’s board recommended an interim cash dividend of 0.367 yuan per share, according to the filing. - reuters