China battery giant CATL posts 29 pct profit growth in 2019

Source: Xinhua | 2020-02-28

Contemporary Amperex Technology Co., Ltd.(CATL), China's largest automotive lithium-ion battery maker, reported 28.6-percent year-on-year net profit growth for 2019 due to market expansion and sales growth in a booming new energy vehicle market.

Net profit reached 4.36 billion yuan (620 million U.S. dollars) last year, CATL said in its preliminary earnings estimate filed to the Shenzhen Stock Exchange.

Meanwhile, its full-year revenue rose 53.8 percent year on year to 45.55 billion yuan, said CATL, which has partnerships with a number of foreign and domestic carmakers.