CHINA: Geely net profit up 190% in 2008
Geely has announced that its net profit grew 190% last year on strong local sales.
The firm said net income rew to CNY879.05m from CNY302.5m in 2007 after the listed unit boosted its asset base by acquiring 44.2% of its parent firm's five operating subsidiaries.
Revenue was CNY4.29bn, compared with CNY131.7m in 2007.
"Our exports were seriously dampened because the global market has not yet recovered from the financial crisis," said chairman Li Shufu. "We don't have too much expectation about overseas markets this year and it seems domestic sales are recording growth."
Mr Li also said the carmaker's planned US$500 million investment in Mexico, which is regarded as paving the way for the company's entry to the United States vehicle market, would also be delayed.
Geely exported 37,940 vehicles last year and estimated no growth from the exports business this year. It plans to sell 250,000 vehicles this year, up 22% from last year.
"Our total production capacity will reach 500,000 units this year after all the expansion, from 410,000 units in 2008," said executive director Lawrence Ang Siu-lun.