Geely net drops 32% in H1

Shanghai. September 11 (Gasgoo.com) - Geely Automobile Holdings Limited and its subsidiaries announced last week that its net profit amounted to HKD 82 million (USD 10.54 mln) for in the first half of this year, representing a drop of 32% compared to the same period a year earlier.

The decline was mainly due to a slide in the sales volume of low end sedans and the large increase in the net non-cash expenses related to the outstanding convertible bonds.

Excluding the non-cash expenses related to the outstanding convertible bonds, the Company's net profit decline would narrow to only 12%.

During the first half year, Geely Automobile's turnover was 5% lower compared with the corresponding period last year to approximately HKD 66 million (USD 8.48 mln).