Cars

Geely says net profit up 35% in H1

(Xinhua)
Updated: 2010-08-26 09:54

HONG KONG - China's leading auto maker Geely announced Wednesday that the company earned 805 million?yuan (about $118 million) in the first half of 2010 for its shareholders, up 35 percent year-on-year.

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The company, which was listed on the Hong Kong Stock Exchange in 2005, achieved a sales turnover of 9.24 billion?yuan in the six months ending on June 30. The figure represents an increase of 55 percent from the same period last year.

With 195,734 units of Geely vehicles sold in the first half of 2010, Geely is confident it will achieve the 400,000 target set for the whole year despite increasing competition in both domestic and overseas markets.

Already the country's leading private car maker, Geely plans to invest considerable resources to further strengthen its export business, through "continued improvement in distribution capabilities and revamping of its manufacturing arrangements in major export markets and the introduction of more tailor-made models for the exports market."

It expects the move would provide the company "a cushion to any possible cyclical downturn in the China sedan market in the future, thus enabling the group to sustain a consistent longer-term profit growth", the interim report said.