BYD's 2012 profits down 94% y-o-y

Chinese electric car and battery maker BYD said on Monday that its 2012 profit tumbled 94.12 percent year-on-year amid a bleak solar market, but forecast robust profits for the first quarter of 2013. The Shenzhen-based company, which specializes in electric vehicles, rechargeable batteries and photovoltaic cells, reaped 81.38 million yuan ($12.95 million) in net profits in 2012, down 94.12 percent year-on-year, according to its annual report filed with the Shenzhen Stock Exchange.

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