BEIJING (UK) – On Monday, China’s Geely Automobile Holdings stated that their lower sales drove down their 2019 net profit by 35%.
This comes at a time when China’s overall auto market suffered a year-long prolonged slump.
Parent Zhejiang Geely Holding Group Co Ltd’s investments in European manufacturers Volvo Car and Daimler AG posted a full-year net profit of 8.19 billion yuan as compared to previous year’s 12.55 billion yuan.
The result compared with the 9.14 billion yuan average of 33 analyst estimates.
Revenue reached 97.40 billion yuan, vs 106.60 billion yuan a year prior. Analysts had made an estimate of 99.43 billion yuan.
Geely Automobile sold a total of 1.36 million cars in 2019 and is targetting to sell 1.4 million cars in 2020.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.