China carmaker BYD's net profit to surge in Q1

SHENZHEN, March 27 (Xinhua) -- The net profit of BYD, China's leading carmaker, is expected to surge by 538.39 to 778.65 percent year-on-year in Q1 this year.

BYD said it is expecting a net profit of 700 million to 900 million yuan (about 104 million to 134 million U.S. dollars) in Q1.

Net profits attributable to its shareholders totaled 2.78 billion yuan in 2018, a drop of 31.63 percent year-on-year, according to its annual report filed to the Shenzhen Stock Exchange.

The company's revenues rose 22.79 percent year on year to 130.06 billion yuan, it said. BYD sold 247,811 new energy vehicles in 2018, a rise of over 90 percent from 2017.