No dividend from Geely, despite profit rocketing 128%
The Chinese car maker’s tie-up with Volvo is bearing fruit, and it has posted its fastest earnings growth in eight years
Beijing/Shanghai — China’s Geely Automobile Holdings said on Wednesday that first-half profit more than doubled, scoring its fastest earnings growth in eight years as cars designed with its Swedish unit Volvo won over domestic consumers. Although known at one point more for its copycat designs and lower-quality vehicles, the Hangzhou-based company has transformed itself into a car maker with upmarket aspirations. Vehicles engineered with Volvo know-how, such as the GC9 sedan and the Boyue sport-utility vehicle, have been hot sellers in China, the world’s biggest car market. "So far in 2017, the group’s performance has exceeded management’s original expectations despite a generally weaker market in China during the same period," the company said in a statement to the Hong Kong bourse. Net profit came in at 4.34-billion yuan ($648.96m), 128% higher than the 1.91-billion yuan it made in the same period a year earlier and eclipsing an estimate of 3.61-billion yuan from CCB International...
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