Geely profit rises 32pc as domestic sales, exports surge

Revenue for Geely, one of China’s largest private car makers, rose 17pc last year to 24.63 billion yuan

PUBLISHED : Thursday, 21 March, 2013, 12:14am
UPDATED : Thursday, 07 May, 2015, 1:03pm

Chinese automaker Geely said on Wednesday its last year net profit jumped 32 per cent, helped by recovering domestic sales and strong growth in exports.

The owner of Swedish nameplate Volvo, Geely said its net profit for the year ended December 31, last year was 2.04 billion yuan (US$328 million), up from 2011’s 1.54 billion yuan, in a filing to the Hong Kong stock exchange where it is listed.

Revenue for Geely, one of China’s largest private car makers, last year rose 17 per cent to 24.63 billion yuan.

The group saw a 157 per cent rise in vehicle exports with 101,908 units sold abroad while the total of 483,483 vehicles sold last year marked an increase of 15 per cent when compared with 2011.

Geely, one of China’s largest private car makers, said sales in the Chinese market were flat at 381,575 units sold, compared with 2011, due to negative growth in the first eight months of last year.

“Our financial performance last year beat our original expectations,” the company said, adding that sales of indigenous brands in China showed recovery starting in the fourth quarter of last year after two years of negative growth.

Geely said in February it had acquired the maker of London’s black taxis for 11 million pounds (US$17 million) after the British company collapsed into administration and has targeted 16 per cent growth this year to 560,000 vehicles.

Growth in China’s auto sales rocketed to 46.4 per cent year-on-year in January compared with an increase of 7.1 per cent in December last year, according to the China Association of Automobile Manufacturers.