0709 GMT – Geely Automobile Holdings Ltd. is the most mentioned Asian company over the past 12 hours, according to Factiva data, after it posted a 35% decline in net profit for the first half of the year on Thursday. The Chinese auto maker said sales volume was down, but revenue rose 29% thanks to higher prices. Its profit margin narrowed by 2.6 percentage points to 14.6% due to higher raw-material costs. The company expects a challenging second half, as costs are likely to continue rising, along with intensifying competition, but government stimulus policies and the launch of more competitive new-energy-vehicle models will likely support its performance. Geely’s share price fell as much as 4.7% after it released earnings and is currently down 3.8%. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
August 18, 2022 03:24 ET (07:24 GMT)
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