China's Geely posts 18 percent profit jump, predicts flat 2019 sales

BEIJING: China's Geely Automobile Holdings Ltd said higher sales of its sedans and sports utility vehicles drove 2018 net profit up 18 percent, but forecast flat sales growth for this year due to uncertainty about overall domestic demand.

Total revenue for the year was 106.60 billion yuan, up from 92.76 billion yuan in 2017, it said in a statement on Thursday. That slightly missed the 108.59 billion yuan estimated by analysts, according to Refinitiv data. The company said that the deterioration of consumer confidence in China, the world's biggest auto market, caused by increased political and economic uncertainties had affected demand, but that its sales had only missed its own annual target by 5 percent.Its sales volumes started to particularly slow in the last quarter of 2018, with a 44 percent drop in December alone, according to monthly sales data filings.

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