BYD shares drop despite stellar first-quarter results

Investing.com-- Shares of BYD Co (HK:1211) dropped on Monday despite the Chinese electric vehicle (EV) giant reporting a 100.4% year-on-year surge in first-quarter net profit, driven by robust EV sales.

Profit for the first quarter ended March 31 more than doubled to 9.15 billion yuan ($1.26 billion), the company reported on Friday.

Revenue for the quarter rose 36.4% to 170.4 billion yuan.

Despite these strong figures, shares of the company fell after media reports showed that analysts expect the company’s profit per vehicle to fall.

Hong Kong-listed shares of the company dropped 4.2% to HK$380.40 as of 06:33 GMT.

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