Geely Automobile Holdings, the Chinese carmaker whose chairman recently acquired a 9.7 per cent stake in Mercedes Benz owner Daimler, reported on Wednesday that 2017 net profit had more than doubled.
Hong Kong-listed Geely Automobile, a subsidiary of Zhejiang Geely Group, which also owns Volvo Cars and Lotus, said net profit for the 12 months to December surged 108 per cent year on year to Rmb10.6bn ($1.7bn) on growing demand for its sport utility vehicles. That was just above a Reuters poll of analysts forecasting net profit of Rmb10bn.
Revenue rose 73 per cent year on year to Rmb92.76.
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