China’s Geely Automobile first-half profit slumps 35%

China's Geely Automobile first-half profit slumps 35%
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

SHANGHAI : China’s Geely Automobile Holdings Ltd said on Thursday its first-half net profit fell 35 per cent, as the country’s strict COVID-19 restrictions dented sales and disrupted production.

Hangzhou-based Geely, China’s highest-profile automaker globally due to the group’s investments in Volvo Cars and Mercedes-Benz, posted January-June profit of 1.55 billion yuan ($228.33 million), versus 2.38 billion yuan in the same period a year earlier.

($1 = 6.7883 Chinese yuan renminbi)

 

 

Source: Reuters