Shanghai (ZXZC)- BYD Company Limited (BYD) announced its first-quarter net profit slumped 84.98% over a year ago to RMB112,636,000, while excluding the impact of no-recurring gains and losses, the company actually posted a net loss of RMB471,700,000, versus a profit of RMB411,967,000 for the year-ago period.

The governmental subsidies partly accounted for the substantial gap between the net profit and the non-recurring-excluded one. BYD said RMB533.16 million worth of governmental grant was recorded into its first-quarter financial result, of which most part is related to automobile business.

Besides, the revenue for the Jan.-Mar. period amounted to RMB19,678,542,000, dipping 35.06% year on year mainly due to the impact of coronavirus outbreak and the downward pressure upon macro economy, which hard hit its sales performance.

(BYD Qin Pro DM, photo source: BYD)

For the first quarter, BYD witnessed its vehicle sales tumbled 47.89% from the previous year to 61,273 units, including 22,192 NEVs and 39,081 oil-fueled vehicles. The NEV sector posted a 69.67% year-on-year plunge, 57.68 percentage points higher than that of fuel-burning vehicle unit.

The Jan.-Mar. operating cost fell 33.95% over a year earlier to RMB16,203,918,000, outpaced by the revenue in terms of decrease. 

During the same period, the net cash flow generated from operating activities stood at RMB4,948,683,000, skyrocketing 1113.26% from the previous year as the company speeded up the collection of receivables and acquired more cash from selling products and offering labor services.

As the pandemic has been ebbing and the automobile market continues to rally, the net profit attributable to shareholders is forecasted to grow 10% to 23.75% to RMB1.6 billion to RMB1.8 billion for the first half of the year, said BYD.

The financial report stresses that the facial mask production is likely to make a positive contribution to the group's sales proceeds and profit growth. As of April 17, BYD had reportedly built 300 mask production lines with a daily capacity of 20 million units, which made it honored the biggest mask producer in the world.