(Yicai) Nov. 14 -- China’s Geely Automobile Holdings reported a more than four-fold surge in profit for the first nine months from a year earlier, thanks to a rapid increase in sales.

Net profit soared to CNY13.1 billion (USD1.8 billion) in the three quarters ended Sept. 30, the Zhejiang-based firm’s earnings report showed today. Revenue jumped 36 percent to CNY167.7 billion (USD23.2 billion). It sold 1.5 million vehicles in the period, a 32 percent increase.

Third-quarter profit surged 92 percent to CNY2.5 billion (USD345.4 million), while revenue rose 20 percent to CNY60.4 billion.

Geely attributed the growth to a robust full-chain system that encompasses research and development, manufacturing, and sales, enabling it to launch new models that precisely cater to market needs, and thereby driving significant sales growth.

The carmaker’s shares [HKG: 0175] fell 1 percent to end at HKD13.90 (USD1.79) each in Hong Kong. The benchmark Hang Seng Index lost 2 percent.

Zeekr Intelligent Technology Holding, Geely’s electric vehicle arm, also reported a strong performance. In the nine months, the unit delivered about 143,000 cars, up 81 percent. It also had revenue of CNY53.1 billion, a 51 percent jump, with the gross margin rising to 15.2 percent from 13.5 percent a year ago.

But the unit had a net loss of CNY994 million (USD137.3 million), widening from CNY900 million a year earlier. 

Editor: Tom Litting