Geely posts 191% rise in '08 net profit

Shanghai, April 17 (Gasgoo.com) Chinese car manufacturer Geely Automobile Holdings Ltd said on Thursday that its profit more than doubled last year on increased stakes in its affiliated units in China.

Net income rose to 879 million yuan (US$129 million), or 0.15 yuan a share, in 2008 from 302.5 million yuan, or 0.06 yuan a share, of the previous year, representing a growth of 191 percent.

Sales revenue rose to 4.29 billion yuan last year from 131.7 million yuan in 2007, the automaker said in a Hong Kong Stock Exchange statement.

Geely obtained approval from the Ministry of Commerce in June 2008 to raise its interests in each of five affiliated manufacturing units to 91 percent for $206 million.

The company boosted sales in China last year by 12 percent to 204,205 units by adding larger cars to compete with overseas brands. Its vehicle export in 2008 was equivalent to 37,940 units, up 80 percent from a year earlier.

The private auto firm aims to raise vehicle sales by 22 percent to 250,000 units this year. To meet the target Geely plans to add more than 4 new and 4 upgraded models in China this year.