Summary:
A major electric vehicle maker in China, BYD Co Ltd said on Friday it has become the world`s biggest mask maker, helping it to post a 14.3% rise in first-half profit on Friday, even as car sales fell because of the COVID-19 pandemic.
BYD, which started making masks early this year, shortly after the COVID-19 outbreak began, did not give details but said it has become the world`s biggest mask maker. In May it said it can make 50 million masks a day.
The Shenzhen-based company, which is backed by U.S. investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.66 billion yuan ($241.80 million), up from 1.45 billion yuan in the same period a year earlier, beating a Refinitiv Eikon analysts` estimate of 1.63 billion yuan.
A major electric vehicle maker in China, BYD Co Ltd said on Friday it has become the world`s biggest mask maker, helping it to post a 14.3% rise in first-half profit on Friday, even as car sales fell because of the COVID-19 pandemic.
BYD, which started making masks early this year, shortly after the COVID-19 outbreak began, did not give details but said it has become the world`s biggest mask maker. In May it said it can make 50 million masks a day.
The Shenzhen-based company, which is backed by U.S. investor Warren Buffett and whose products include battery electric and plug-in hybrid vehicles, posted net profit of 1.66 billion yuan ($241.80 million), up from 1.45 billion yuan in the same period a year earlier, beating a Refinitiv Eikon analysts` estimate of 1.63 billion yuan.