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Geely posts 16% net profit growth in 2010
By Jin Jing |
March 23, 2011, Wednesday
|
Online Edition
Online Edition
GEELY Automobile Holdings Ltd reported a 16 percent increase in its 2010 net profit though its annual sales growth lagged behind the industry average.
Net profit stood at 1.37 billion yuan (US$207 million) last year, said Geely Holding Group, the listed unit of China's largest private car maker, in a financial report to the Hong Kong Stock Exchange yesterday. Its revenue gained 43 percent year-on-year to 20 billion yuan.
The company attributed the profit growth to higher sales income and more market demand for its high-end product mix.
Last year, Zhejiang-based Geely boosted sales by 27 percent to 415,843 units, underperforming the 33 percent industrial growth. The fallout also drove Geely out of the top 10 biggest car makers in China last year.
Geely said its overseas sales failed to pick up due to the slow recovery of global market. It delivered 20,555 vehicles to overseas markets, up 6 percent from a year earlier. Domestic sales expanded by 29 percent to 395,288 units.
Geely is among Chinese car makers that reported slower sales last year after China scaled back a purchase tax on small cars.
Geely said it will enter a strategic transformation this year and hopes better overseas sales will help it offset sales fluctuations on the domestic market and keep sustained profit growth. The car maker set the 2011 sales target at 480,000 units, up 15 percent from last year.
Net profit stood at 1.37 billion yuan (US$207 million) last year, said Geely Holding Group, the listed unit of China's largest private car maker, in a financial report to the Hong Kong Stock Exchange yesterday. Its revenue gained 43 percent year-on-year to 20 billion yuan.
The company attributed the profit growth to higher sales income and more market demand for its high-end product mix.
Last year, Zhejiang-based Geely boosted sales by 27 percent to 415,843 units, underperforming the 33 percent industrial growth. The fallout also drove Geely out of the top 10 biggest car makers in China last year.
Geely said its overseas sales failed to pick up due to the slow recovery of global market. It delivered 20,555 vehicles to overseas markets, up 6 percent from a year earlier. Domestic sales expanded by 29 percent to 395,288 units.
Geely is among Chinese car makers that reported slower sales last year after China scaled back a purchase tax on small cars.
Geely said it will enter a strategic transformation this year and hopes better overseas sales will help it offset sales fluctuations on the domestic market and keep sustained profit growth. The car maker set the 2011 sales target at 480,000 units, up 15 percent from last year.
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