BYD Company reported third-quarter net profit of 10.02 billion yuan, up 28% year over year. Strong export growth offset continued weakness in its domestic market. Quarterly profit fell short of analysts’ expectations.
Revenue rose 13.6% year over year to 221.5 billion yuan. It was the first year-over-year revenue increase after four consecutive quarters of declines.
Inventories have risen 60% since the beginning of the year amid rapid overseas expansion. The company’s cash position also shrank. Net profit for the first nine months of the year fell 4.2%. Together, these trends point to underlying challenges despite the strong quarterly results.