(Yicai Global) March 30 -- Shares of Geely Automobile Holdings declined after the Chinese carmaker said the impact of the novel coronavirus will make this year its most difficult ever. The company also said net profit fell 35 percent last year, missing its own target.

Geely's shares [HKG:0175] lost 4 percent to finish at HKD11.28 (USD1.45) each, after earlier swinging between as decline of as much as 4.9 percent and a gain of 1.5 percent. The benchmark Hang Seng Index retreated 1.3 percent.

The Covid-19 epidemic that is impacting its supply chains, production and sales will likely make 2020 the company's most trying year on record, the Zhejiang province-based manufacturer said.

Over the first two months, sales slumped 45 percent from a year earlier to 121,085 vehicles. They plunged 75 percent to 18,817 last month.

For the year ended Dec. 31, Geely's net profit came in at CNY8.2 billion (USD1.2 billion), the company said in an earnings report released today. That fell short of the firm's CNY8.72 billion forecast. Revenue fell 9 percent from a year earlier to CNY97.4 billion.

It sold 1.36 million cars last year, down 9 percent in a gloomy Chinese auto market.

Editor: Ben Armour