China's Geely Automobile 2020 profit drops 32per cent year-on-year

China's Geely Automobile 2020 profit drops 32per cent year-on-year

China's Geely Automobile Holdings Ltd said on Tuesday that its 2020 net profit fell 32per cent, as auto sales in the world's biggest market was hit by the COVID-19 pandemic.

FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beij
FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon/File Photo

BEIJING: China's Geely Automobile Holdings Ltd said on Tuesday that its 2020 net profit fell 32per cent, as auto sales in the world's biggest market was hit by the COVID-19 pandemic.

Geely Automobile, highest-profile Chinese automaker in the world due to investments in Volvo Cars and Daimler AG, posted 2020 profit of 5.53 billion yuan (US$850 million), versus 8.19 billion yuan in 2019.

One analyst expected Geely to post a profit of 4.02 billion yuan, according to Refinitiv data.

Revenue fell 5per cent from the previous year to 92.11 billion yuan.

Geely Automobile sold 1.32 million cars last year, down from 1.36 million units in 2019. It expects to sell 1.53 million cars this year.

(US$1 = 6.5094 Chinese yuan)

(Reporting by Yilei Sun and Ryan Woo; Editing by Himani Sarkar and Tom Hogue)

Source: Reuters

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