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China’s Geely warns of virus headwind after 35% 2019 profit drop – Source Reuters Tech News

BEIJING (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) on Monday said 2020 may be “amongst the most difficult years” in its history, as pressure stemming from the coronavirus pandemic on production and sales is likely to persist in the near future.

FILE PHOTO: The emblem of the Geely automobile maker logo is seen at the IEEV New Energy Vehicles Exhibition in Beijing, China October 18, 2018. Picture taken October 18, 2018. REUTERS/Thomas Peter

The automaker, based in the eastern province of Zhejiang, also said lower sales drove net profit down 35% in 2019 when the country’s overall auto market suffered a prolonged slump.

China’s most globally high-profile automaker – due to parent Zhejiang Geely Holding Group Co Ltd’s investments in European manufacturers Volvo Car and Daimler AG (DAIGn.DE) – posted profit of 8.19 billion yuan ($1.15 billion).

That compared with the 9.14 billion yuan average of 33 analyst estimates, Refinitiv data showed.

“The recent…

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Source Reuters Tech News

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