China's Geely's Profit Fell 40% in First Half Amid Sluggish Car Market
Tang Shihua
DATE:  Aug 21 2019
/ SOURCE:  yicai
China's Geely's Profit Fell 40% in First Half Amid Sluggish Car Market   China's Geely's Profit Fell 40% in First Half Amid Sluggish Car Market

(Yicai Global) Aug. 21 -- Net profit at Geely Automobile Holdings, which has a stake in Daimler and owns Volvo Cars and Lotus, declined 40 percent in the first half from a year earlier due to slowing car sales in China, the world's biggest auto market.

Net profit was CNY4 billion (USD567 million) in the six months ended June, Geely's earnings report showed. Operating income fell 11 percent to CNY47.6 billion. Earnings per share were CNY0.44 (6 US cents).

The Hangzhou-based firm warned shareholders early last month that net profit could drop as much as 40 percent. 

Geely's shares [HKG:0175] fell 0.5 percent today to close at HKD11.04 (USD1.40). 

Editor: Emmi Laine

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Keywords:   Financial Report,First Half,Geely Auto