BEIJING, March 22 China's Geely Automobile
Holding Ltd, whose unlisted parent owns Sweden's
Volvo, on Wednesday said net profit more than doubled in 2016,
the biggest rise in eight years as sales of its next-generation
of vehicles outstripped expectations.
The Hangzhou-based automaker said in a stock exchange filing
that net profit for 2016 rose 126 percent to 5.1 billion yuan
($741.15 million), beating consensus expectations of 4.6 billion
yuan in a Reuters poll of analysts.
Geely's revenue rose 78 percent to 53.7 billion yuan from a
year earlier. It previously reported sales increased 49 percent
to 765,851 vehicles for the year.
Geely has transformed itself from a no-frills domestic brand
into an automaker with upmarket aspirations, using its 2010
acquisition of Volvo to up its game with models such as the
recently launched GC9 sedan and Boyue sport-utility vehicle.
Geely will launch the first cars on a jointly-developed
platform with Volvo under new brand name Lynk & Co later this
year with plans for the marque to go on sale in Europe next year
and the U.S. in 2019.
($1 = 6.8812 Chinese yuan renminbi)
(Reporting by Jake Spring; Editing by Christopher Cushing)