Shares of Chinese carmaker Geely fall despite expectations of higher profit

PUBLISHED : Thursday, 07 January, 2016, 9:36am
UPDATED : Thursday, 07 January, 2016, 9:36am

Shares of Geely Automobile opened lower despite an announcement that its net profit for 2015 was expected to increase by about 50 per cent to 60 per cent.

The Chinese carmaker saw its shares down 3.57 per cent to HK$3.252 at 9.32am.

Geely said the profit increase was due to an increase in sales.

In 2014 it made a profit of 1.43 billion yuan.

Geely said on Tuesday that it sold 509,863 vehicles last year, up about 22 per cent year on year.

The company set its sales target for 2016 at 600,000 units, representing an increase of around 18 per cent over 2015.

However, sales in December stood at 53,633 units, down about 2 per cent year on year but up about 4 per cent month on month.