Geely Auto profit, sales tumble

Business | 21 Aug 2019 2:32 pm

Geely Automobile (0175) said net profit for the first six months dropped by 39.89 percent year-on-year to 4 billion yuan (HK$4.4 billion).

Revenue fell by 11.45 percent from a year ago to 47.56 billion yuan. Sales volume dropped by 15 percent to 651,680 units, from the year before.

Although the Chinese government had started to introduce measures to stimulate automobile demand, the passenger vehicle market has shown little sign of improvement, the China-US trade dispute also appears to have worsened further, resulting in huge uncertainties for passenger vehicle demand in China in the remainder of the year, Geely said.

Geely also said non-executive director Carl Peter Edmund Moriz Forster has resigned due to other work commitments.

Shares of Geely slid 1.44 percent to HK$10.94 as of midday.

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