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BYD's third-quarter profit growth slows, falling short of forecasts

By Reuters News

BEIJING, Oct 29 (Reuters) - Chinese electric vehicle maker BYD 002594.SZ reported a smaller-than-expected 28% rise in third-quarter profit on Thursday, though strong export growth helped offset persistent weakness in its home market.

Net profit rose to 10 billion yuan ($1.50 billion) in the third quarter, a stock filing showed, cooling from a 30% increase in the previous quarter.

That missed estimates from three brokerages compiled by Reuters, whose estimates ranged from 11.4 billion yuan to 12.95 billion yuan.

Revenue was up 13.6% year on year at 221.5 billion yuan, reversing a 3% drop in the second quarter and ending a four-quarter streak of declines.

($1 = 6.6610 Chinese yuan renminbi)

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