Geely Auto profits skid to 2.3b yuan, predicts worst year in history

Mainland carmaker Geely Automobile (0175) said first-half net profit slumped by 42.72 percent to 2.3 billion yuan (HK$2.56 billion), due to the coronavirus pandemic in the mainland and competition in the domestic market.

The company expects this year to be the most difficult in its history. Geely also lowered the full-year sales volume target by around 6 percent to 1.32 million units.

Geely did not declare an interim dividend. The basic earnings per share were 24.73 fen.

Revenue dropped by 22.58 percent to 36.82 billion yuan. Sales volume fell by 18.6 percent to 530,446 units.

Geely said it settled more trade payables to its suppliers to mitigate the negative impact from the production disruption, resulting in net cash outflows from operating activities of 3.24 billion yuan.