Geely profit falls 35pc to 8.1b yuan

Business | Reuters and Stella Zhai 31 Mar 2020

Geely Automobile (0175) said lower sales drove its 2019 net profit down 35 percent to 8.19 billion yuan (HK$8.95 billion), as China's overall auto market suffered a prolonged slump last year.

Basic earnings per share were 90 fen and a final dividend of 25 HK cents was declared. Revenue slid 9 percent year-on-year to 97.4 billion yuan in 2019 with vehicle sales dropping by 9 percent to 1.36 million units. Geely aims to sell 1.4 million cars this year.

Meanwhile, China may issue new policies to stimulate demand for automobiles, said Xin Guobin, vice minister of industry and information technology.

In other news, mainland automaker BAIC Group and ride-hailing service provider Didi Chuxing plan to team up with other industry players to lease BAIC's cars to customers amid concerns about ride-hailing and vehicle sharing eating into car sales.

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