Chinese automaker Geely in 2018 increased its net profit by 18%


Chinese car manufacturer Geely Automobile Holdings at the end of 2018, reported net profit growth to a record level of 12 billion 550 million yuan. A year earlier, the profit was 10 billion 630 million yuan. According to experts, the profit in 2018 was expected to be 12 billion 800 million yuan. The annual revenue figure of 106 billion 600 million yuan was also a record. However, it turned out to be lower than economists' forecast of 108 billion 590 million yuan. Car sales grew over the year by 20%, reaching 1.5 million vehicles. The annual rate, however, was 5% lower than the company's target for sales, which was due to a slowdown in sales in the fourth quarter. And in December, the figure fell by 44%. The company expects zero sales growth in 2019 due to lower domestic demand amid the slowdown in Chinese economy.

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