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

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

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

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 (SUVs).

But, as Francis Maguire reports, Geely forecast flat sales growth in 2019 due to uncertainty about domestic demand.

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

Car demand in China might be down - largely due to the U.S. trade war, But one carmaker is still popular, Geely posted an 18 percent jump in annual profit on Thursday - to a record $1.88 billion.

Driven by higher sales of its sedans and SUVs.

The firm sold 1.5 million cars last year - 20 percent higher than 2017.

Shares in Geely rose 5 percent on the report.

But there was a bump in the road for investors... Geely forecast flat sales in 2019 due to uncertainty over domestic demand.

As cautious Chinese consumers weigh the outcome of the trade war.

The firm said this loss of confidence was hitting sales volumes, With a sharp 44 percent drop in December alone.




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