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Geely's net profit growth slows in 2011
By Jin Jing |
March 22, 2012, Thursday
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Online Edition
Online Edition
CHINA'S Geely Automobile Holding Ltd posted slower net profit growth in 2011 from a year earlier as the overall auto market cooled.
Net income of the private carmaker rose to 1.54 billion yuan (US$244 million) for last year, up 13 percent from 2010, Geely said in a statement to the Hong Kong Stock Exchange today. The profit growth was lower from the 16 percent increase a year earlier.
Geely is among domestic carmakers who were hit most after the Chinese government ended its stimulus for the market while slower economic growth and higher fuel prices are deterring demand.
The carmaker last year sold 421,611 vehicles – a one percent increase from a year earlier. The rally lagged behind a 5.2 percent gain for the overall passenger-car market in China during the same period.
Geely earlier said it aims to boost sales by nine percent this year to a total of 460,000 units.
Net income of the private carmaker rose to 1.54 billion yuan (US$244 million) for last year, up 13 percent from 2010, Geely said in a statement to the Hong Kong Stock Exchange today. The profit growth was lower from the 16 percent increase a year earlier.
Geely is among domestic carmakers who were hit most after the Chinese government ended its stimulus for the market while slower economic growth and higher fuel prices are deterring demand.
The carmaker last year sold 421,611 vehicles – a one percent increase from a year earlier. The rally lagged behind a 5.2 percent gain for the overall passenger-car market in China during the same period.
Geely earlier said it aims to boost sales by nine percent this year to a total of 460,000 units.
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