Geely semi-annual profit exceeds forecasts

SAIC Motor quarterly profit soared by 266%

In brief: China’s automotive industry is at the pinnacle of its development. Companies record huge profits in 2010.

The Chinese automaker Geely has recorded a net profit in the first half-year of 804.85 million yuan ($ 118.4 million) compared with 595.91 million yuan in the previous year. At the same time, analysts had expected a profit of 756.4 million yuan.

Car sales in the period under review increased by 42% to 195 734. China’s largest automaker SAIC Motor said its net profit in the second quarter ending in June soared by 266%, from 818.9 million to 3 billion yuan ($ 441 million) due to a huge increase in car sales. Analysts expected an average profit of 2.9 billion yuan. It’s semms to be bullish trend for chinese car manufacturers.

Dmitriy Srebnev
2010-08-25 16:55, Economics.

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