August 22, 2018 / 4:24 AM / a month ago

CORRECTED-China's Geely says first-half profits rise 54 percent

(Corrects to say Geely sold 766,630 vehicles between Jan-June, not Jan-July)

BEIJING, Aug 22 (Reuters) - China’s Geely Automobile Holdings Ltd said on Wednesday that first-half net profit rose 54 percent over the same period last year, as Chinese consumers snapped up its cars designed with its Swedish luxury auto affiliate brand Volvo.

The car maker posted a net profit of 6.67 billion yuan ($970.32 million), 54 percent year on year higher than the 4.34 billion yuan it made in the same period a year earlier. That compared with the 6.55 billion yuan average estimate of four analysts, according to Thomson Reuters I/B/E/S.

Total revenue for the first half was 53.71 billion yuan, up from 39.42 billion yuan over the same period in 2017, it said, adding that it expects to exceed its full year sales volume target of 1.58 million vehicles in 2018.

Geely sold 766,630 vehicles between January-June, 44 percent higher than its total over the same period last year. It sold 1.2 million cars over the whole of 2017. ($1 = 6.8740 Chinese yuan renminbi) (Reporting by Yilei Sun and Brenda Goh Editing by Darren Schuettler)

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