Geely expects a 40% decline in profit in the first half of the year

The Chinese company Geely, specializing in the production of cars of well-known brands, said that it expects weak financial indicators for the first half of the year, which is explained by the weakening of the Chinese automobile market. According to its estimates, net profit will fall by 40% from 6.7 billion yuan from the same period last year. The company also predicts that at the end of the earnings period, sales of its cars will be reduced by 15% compared to the same period a year earlier. Geely plans to publish its financial results for the first half of August. During trading in Hong Kong, Geely shares lost 3.8%. Its capitalization amounted to 110.8 billion Hong Kong dollars, a decrease of 15.2% from the beginning of the year.

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