Geelys profit goes up by 88%
We dont know how Geely does it, but theyve managed to push up their profits by 88% in one year, those guys are financial wizards!
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 companys net profit for the year ended December 31 was HK$208.75 million (US$26.71 million), up from HK$110.83 million in 2005, it said yesterday.
Revenue rose to HK$127 million, from HK$101.41 million, according to The Associated Press.
Geely Auto is a unit of Chinas 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.