Geely's profit to drop 40% in H1

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Visitors gather around the booth of China's Geely Motors on the 25th Cairo International Motorshow 2018 entitled "Automech Fromula" held in the Egyptian capital Cairo on Sept. 26, 2018. [Photo/Xinhua]

Net profit of Chinese automaker Geely is expected to slump by 40 percent in the first half (H1) of this year, the company said in an statement Monday.

The company, based in eastern Zhejiang Province, gained 6.67 billion yuan (about 97 million U.S. dollars) in net profit during the same period last year, according to its statement filed with the Hong Kong Exchanges and Clearing Limited (HKEX).

The decline in net profit for H1 was primarily due to a "greater-than-expected" decrease in overall sales volume in China and the company's reduction in aggregate inventories of its dealers, the statement said.

Total sales volume in H1 stood at 651,680 units, declining 15 percent from the same period last year and achieving 43 percent of the company's full-year sales target.

The sales volume for June only came in at 90,875 units, down 29 percent year-on-year but up about 1 percent from May.

A total of 15,985 units sold in June were new energy and electrified vehicles, it said.

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