Geely full year revenue soars to 14b yuan on record sales

BEIJING - Geely Automobile Holdings Ltd, the Chinese automaker whose parent company is buying Volvo Cars from Ford Motor Co, said profit rose on higher car demand and on increased stakes in its operating units.

Net income for the year ended Dec 31 rose to 1.18 billion yuan ($173 million), or 0.17 yuan a share, from 879 million yuan, or 0.14 yuan, a year earlier, Geely said in a Hong Kong Stock Exchange statement on Monday. Revenue more than tripled to 14.1 billion yuan from 4.29 billion yuan.

The carmaker boosted vehicle sales 48 percent last year as China introduced subsidies for small cars, helping the nation's auto demand surpass the United States for the first time.