BEIJING, April 1 (Xinhua) -- Chinese automake Geely Automobile Holdings Ltd (HK.0175) (Geely Auto) on Monday reported a 35 percent year-on-year decline in its net profit in 2019, which came to 8.3 billion yuan.
According to the company's financial results for 2019, it recorded a revenue of 97.4 billion yuan last year, down 9 percent year on year.
Despite the declines in Geely Auto's revenue and net profit, its cash level in 2019 increased by 23 percent year-on-year to 19.3 billion yuan, according to the report.
As of the end of 2019, Geely Auto had more than 19 billion yuan in cash reserves with an increase of 3.5 billion yuan compared to 2018, which gave the company great confidence to face the challenge of the novel coronavirus epidemic, according to Li Donghui, executive vice president and CFO of Geely Auto.
In spite of the decline of the overall automotive market in 2019, Geely Auto still maintained a strong position and saw its market share increase from 6.2 percent to 6.5 percent with total sales of 1.36 million units, ranking among top 3 Chinese automotive brands. (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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