Geely pulls out of buying Malaysia’s Proton, as its profits surge by 126%

FILE PHOTO - A Proton logo on a car at a Proton showroom in Puchong, Malaysia October 3, 2016. REUTERS/Edgar Su/File Photo

HONG KONG: China's Geely Automobile Holdings has withdrawn its bid to acquire a controlling stake in Malaysian automaker Proton, Geely's president, An Conghui has told the South China Morning Post.

Geely, the owner of the Swedish Volvo brand, earlier on Wednesday reported better-than-expected earnings for 2016, as net profit surged by 126% to 5.1 billion yuan (RM3.3bil).