Geely Profit Falls as Weak Demand Hits China Automakers

Geely Automobile Holdings Ltd.’s first-quarter profit missed analyst estimates as China’s auto market weakened following the winding back of government subsidies.

Net income declined 27% to 4.2 billion yuan ($614 million) in the three months ended March 31, compared with 5.7 billion yuan the previous year, the Hong Kong-listed arm of billionaire Li Shufu’s auto empire said in a statement Wednesday. That fell short of the 4.5 billion yuan average of analyst estimates compiled by Bloomberg. Revenue increased 15% to 83.8 billion yuan.