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China's Buffett-backed BYD says 1H profit plunges

China's Buffett-backed BYD says 1H profit plunges

Chinese auto and battery maker BYD Co. warns that first-half profit will plunge as much as 95 percent because of a drop in auto sales after some tax incentives expired.
The company says profits were also hit after its biggest telephone handset customer deferred part of an order for batteries.
Billionaire investor Warren Buffett's Berkshire Hathaway owns a 10 percent stake in BYD through its MidAmerican Energy subsidiary.
The company said late Tuesday that profit would be 121 million to 363.2 million renminbi ($18.7 million to $56.2 million) in the January-June period. That's 85 to 95 percent lower than 2.4 billion renminbi from the same period last year.
BYD said last month that first-quarter profit fell 84 percent.