China's Geely says H1 profits more than double to $649 mln

Wednesday, Aug 16, 2017

China's Geely Automobile Holdings Ltd said on Wednesday that first-half profit more than doubled, as cars designed with its Swedish unit Volvo won over domestic consumers.

Net profit came in at 4.34 billion yuan ($648.96 million), 128 percent higher than the 1.91 billion yuan it made in the same period a year earlier. This also eclipsed an estimate of 3.61 billion yuan from CCB International.

Total revenue for the first half was 39.42 billion yuan, up from 18.09 billion yuan over the same period in 2016, it said.

Geely's sales jumped 89 percent in January-July and it last month revised its 2017 sales target upward by 10 percent to 1.1 million vehicles. It sold 766,000 vehicles last year.

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