皇冠体育app

Cars

皇冠体育app's Geely H2 net down 4%, misses target

(Agencies)
Updated: 2011-03-23 14:42
Large Medium Small

HONG KONG - 皇冠体育app's Geely Automobile Holdings Ltd said on Wednesday that net profit fell 4 percent in the second half of 2010 despite record six-month sales volume.

Geely, whose parent bought Ford Motor Co's Volvo Car unit last year, posted a July-December net profit of 563.6 million yuan ($85.9 million), compared with 587 million yuan a year earlier, according to Reuters calculations based on a company statement.

Related readings:
皇冠体育app's Geely H2 net down 4%, misses target Geely may start building Volvo plant
皇冠体育app's Geely H2 net down 4%, misses target 
皇冠体育app's Geely H2 net down 4%, misses target Geely to meet 2010 sales target, launch 3 new models
皇冠体育app's Geely H2 net down 4%, misses target 皇冠体育app's Geely now selling cars online

Analysts had expected a second-half profit of 764.4 million yuan, based on the mean of 19 forecasts compiled by Thomson Reuters.

For the year, Geely posted its best net profit of 1.37 billion yuan, up from 1.18 billion yuan in 2009.

皇冠体育app, the world's biggest auto market, has been a major bright spot amid a global industry downturn thanks to Beijing's economic stimulus measures in 2009. But sales growth in 皇冠体育app is expected to slow after tax incentives for small cars ended and Beijing takes measures to tackle traffic congestion in the capital.

Geely shares eased 0.94 percent on Wednesday ahead of the results and have fallen 7.4 percent so far this year, lagging a near 1 percent drop in the Hang Seng Index .