China Geely Auto's full-year profit jumps 18 percent, shares climb

BEIJING: China's Geely Automobile Holdings posted an 18 percent jump in annual net profit, driven by higher sales of its sedans and sports utility vehicles , but forecast flat sales growth in 2019 due to uncertainty about domestic demand.

Total revenue for the year was a record 106.60 billion yuan, up from 92.76 billion yuan in 2017. That slightly missed the 108.59 billion yuan estimated by analysts, according to Refinitiv data. Geely, which sells vehicles under its eponymous and Lynk & Co brands, sold 1.5 million cars last year, 20 percent higher than the 1.25 million it sold in 2017.The company said in a statement on Thursday 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.

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