China automaker Geely Automobile (0175.HKG) saw net profit drop 46% to RMB1.43 billion (US$229.5 million) last year due to slower sales and unrealized foreign exchange losses resulting from the depreciation of Russia’s ruble, South China Morning Post reported, citing a statement from the company to the Hong Kong Stock Exchange. Total revenue for the year dropped 24% to RMB21.7 billion as vehicle sales also fell 24% from 2013, with exports down 49.8% and mainland sales down 16.8%. However, sales were brisk in the first two months of this year, during which the company sold 85,200 vehicles, up 77% year on year.
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