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Geely net profit up 35 percent in H1, 2010

ZHEJIANG – Geely Automobile Holdings Ltd. (Geely) announced on August 25 that it saw a 42 percent growth in sales volume and a 35 percent increase in net profit in the first half of the year.

Geely realized sales revenues of ¥9.23 billion ($1.35 billion), a 55 percent growth compared to the previous year, and a net profit of ¥805 million from ¥596 million in 2009, up 35 percent year-on-year.

The company’s earnings per share rose to ¥0.11, up 22 percent year-on-year.

Geely attributed its sales rise  to China’s stimulus policy in vehicle purchasing and the strong demand from the Chinese market. The company sold 195,700 vehicles in Jan-June period, up 42 percent year-on-year. The weakening export failed to reach the goal with merely a 10 percent growth, accounted for 3.5 percent of the total sales.

For 2010, Geely expects sales volume to reach 400,000 units, a 22 percent growth year-on-year.

The company also announced a technological cooperation plan with Volvo after the completion of delivery with Ford.

On August 2, Geely announced the completion of its $1.3 billion cash acquisition of Ford’s Volvo brand. Li Shufu, chairman of Geely Group and the company’s vice chairman Shen Hui joined the board of Volvo.





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