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Nikkei Markets

China's Geely Automobile Says 1H Profit, Revenue More than Double

By Hong Kong Newsroom
Nikkei Markets
HONG KONG (Aug 16) -- Hong Kong-listed Chinese carmaker Geely Automobile Holdings on Wednesday said first-half profit more than doubled, thanks to sales of its sedans and sport utility vehicles.

For the six months ended June 30, Geely posted net profit of 4.34 billion yuan ($649 million), a more than two-fold increase from the year ago period. Revenue for the first half jumped 118% to 39.42 billion yuan.

Strong sales for sedans and SUVs, which came despite "very intense" competition in China's passenger vehicles market, more than offset weak export sales during the period, Geely said.

The group's domestic sales volume in the first half rose 95% to 526,779 units, while export sales volume tumbled 64% amid a "continued unfavourable political and economic environment" in some export markets.

The company expects its exports business to continue to be operated at the "current restricted scale" for the rest of 2017, and said it will continue to restructure is distribution network overseas to improve efficiency and contain risks.
- By Hong Kong Newsroom;; +852 3960 5102
- Edited By Glen Nicol Perkinson
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- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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