BYD's Q1 revenue misses estimates

BYD's (1211) first-quarter revenue missed estimates amid aggressive price cuts although the Chinese automaker posted an 11 percent rise in net profit to 4.57 billion yuan (HK$4.94 billion) for the first three months from a year earlier.

The auto giant's revenue grew 3.9 percent to 124.94 billion yuan, well short of analyst estimates of 132.53 billion yuan.

Separately, PetroChina's (0857) net profit rose 4.7 percent to 45.68 billion yuan in the first three months this year from a year ago, its highest first-quarter profit amid steady global oil prices. Revenue rose by 11 percent to 812 billion yuan.

The results mirror those of its state-owned sister firms, as upstream-focused Cnooc (0883) posted record quarterly profits while downstream-focused Sinopec (0386) saw first-quarter earnings decline from the year before.