BYD's 2007 net income up 44.2%

BYD Co<1211>, China's largest rechargeable batteries maker, announced its net income increased by 44.2% year-on-year to RMB 1.612 billion in 2007, due to the higher automobile and battery sales.

According to its annual report, its turnover soared 63.9% year-on-year to RMB 21.2 billion, while the net profit per share hit RMB 2.99.

The battery maker has used part of proceeds from HK$6.69 billion IPO of BYD Electronics<285>, in which BYD Co holds 65.2% stake, to expand its car and battery production capacity. Earlier this month, the parent company has introduced a new car model.

BYD Electronics also posted strong performance in its annual report. Its sales jumped 89% year-on-year to RMB 5.77 billion in 2007. The firm's net profit rose 50% year-on-year to RMB 1.09 billion, while net profit per share stood at RMB 0.58.