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GD Midea's H1 net profit up 13.64%

Sep. 1, 2011 (China Knowledge) - GD Midea Holding Co Ltd<000527>, a leading Chinese home appliance manufacturer and distributor, announced that its net profit rose 13.64% year on year to RMB 1.98 billion in the first half of this year.

Basic earnings per share were RMB 0.60, up 7.14% year on year, according to the firm's interim report.

The Shenzhen-listed company saw its operating revenue surge 58.97% year on year to RMB 62.04 billion in the first six months, of which RMB 45.2 billion was contributed by the domestic market, reflecting an increase of 61% year on year. Revenue from overseas market soared 53% year on year to RMB 16.8 billion during the period.

The company's gross profit margin in the second quarter increased 4 percentage points from the first quarter.

GD Midea, the leader in the Chinese central air-conditioner market, had a 12.4% market share in the first half.

Earlier this month, GD Midea announced plans to spend US$220 million to acquire a 51% stake in Carrier’s air-conditioning company in Latin America. Carrier still holds a 49% stake in its Latin American air conditioning company, which realized revenue and net profit of US$700 million and US$35 million in 2010, respectively.

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