Geely H1 net profit more than doubled

• Source: Gasgoo.com
• [15:18 September 08 2009]
• Comments

Chinese car manufacturer Geely Automobile Holdings Ltd said on Tuesday its first-half net profit more than doubled after it boosted stakes in five car-making associates.

Net profit for the six months ended June 30 was 595.9 million yuan($87.2 million), up from 242.8 million yuan a year earlier.

Revenue soared to 5.95 billion yuan from 67.1 million yuan a year earlier.

Geely Automobile completed a deal with its parent in July 2008 under which it increased it stakes in each of its five operating associates to 91 percent from 46.8 percent.

The five associated companies include Zhejiang Geely Automobile Co. and Shanghai Maple Guorun Automobile Co.