In Brief

BYD profit drops 7pc on slowing economy and material costs

BYD, which makes battery, handset components and cars, reported net profit dropped 7 per cent in the first six months to 596 million yuan (HK$681.76 million) on a slower economy and higher material costs. Revenue jumped 44 per cent to 12.39 billion yuan. BYD's listed subsidiary, BYD Electronic (International), also posted net profit decreased 4 per cent to 430 million yuan on more intensive competition. Revenue surged 96 per cent to 3.64 billion yuan. BYD Electronic mainly engages in making handset components and module business. Kandy Wong

State firms to hire corporate legal chiefs from abroad

The State-owned Assets Supervision and Administration Commission said it is on a global search for corporate lawyer chiefs for six state enterprises. The firms include China National Machinery Industry Corp, China Iron & Steel Research Institute Group and China P&T Appliances. Advertisements would be published today, it said. Jasmine Wang