BEIJING (Reuters) -Chinese electric vehicle maker BYD Co Ltd,, which is backed by billionaire Warren Buffett, on Monday reported a 162% growth in 2020 net profit as it became a major mask maker amid the COVID-19 pandemic.
BYD reported 4.23 billion yuan ($643.75 million) net profit in 2020, up from 1.61 billion yuan in 2019. That compared with a 4.6 billion yuan net profit estimated by 22 analysts, according to Refinitiv data.
BYD, which started making masks early last year, shortly after the COVID-19 outbreak began, did not give details about its current manufacturing capacity of masks. In May it said it could make 50 million masks a day.
Analysts expected revenue of 148.76 billion yuan.
BYD also said it expects net profit in the first three months this year to grow 77.6% to 166.3% compared to same period last year, citing positive auto sales.
It also plans to issue debt financing instruments worth up to 50 billion yuan.
($1 = 6.5709 Chinese yuan renminbi)
(Reporting by Yilei Sun and Tony Munroe; editing by David Evans)