BYD net profit surges 2,127% in first 9 months

Chinese battery and car maker BYD Co reported a net profit surge of more than 21 times in the first three quarters of the year, as its main business in vehicles and solar energy rebounded from a sharp dive in the past two years.

BYD said in its financial report filed with the Shenzhen Stock Exchange that its net profit in the first nine months surged 2,127 percent year-on-year to 465 million yuan ($76 million).

The astonishing growth comes after the company's net profit slumped 94.15 percent year-on-year to 81 million yuan in 2012, its lowest level in at least four years.

The Warren Buffett-backed company forecast that its 2013 profit is likely to increase 570 to 619 percent from a year earlier, to between 545.1 million and 585.1 million yuan.

The company's shares on the Shenzhen Stock Exchange increased value by 3.20 percent to close at 39.30 yuan apiece on Wednesday.

The shares reached their lowest point of 14.42 yuan in November 2012.