| Geely reports 88% surge in 2006 net profit |
| Thursday,April 12,2007 Posted: 07:05 BJT(2305 GMT) Shanghai Daily |
BEIJING, April 12 -- Chinese car maker Geely Automobile Holdings Ltd has said its 2006 net profit soared 88 percent on strong car sales in China and stable raw material prices. The Hong Kong-listed company's net profit for the year ended December 31 was 208.75 million HK dollars (26.71 million U.S. dollars), up from 110.83 million HK dollars in 2005, it said Wednesday. Revenue rose to 127 million HK dollars, from 101.41 million HK dollars, according to The Associated Press. Geely Auto is a unit of China's largest private automaker by sales, Geely Group Ltd. It makes and sells cars through its two mainland affiliates, Zhejiang Geely Automobile Co and Shanghai Maple Guorun Automobile Co. The two companies sold a combined 175,635 cars during the year, up 32 percent from the previous year. Total car sales, however, were below the 180,000 target Geely set earlier. Zhejiang Geely and Shanghai Maple are each 46.8 percent-owned by Geely. This year, Geely said it aims to sell 240,000 cars under the Geely and Maple brands. In the first quarter of 2007, the company sold 51,135 cars, up 5.6 percent from a year earlier, and equivalent to 21 percent of its annual sales target. Geely Auto recommended a final dividend of 1 HK cent, the same as in the year-earlier period. |
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