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Gree Electric expects 2011 net profit to rise 22.67%

Mar. 8, 2012 (China Knowledge) - Gree Electric Appliances Inc of Zhuhai<000651>, China's largest maker of home air-conditioners, said yesterday that it expects its net profit to grow 22.67% year on year to RMB 5.25 billion in 2011, mainly driven by increases in sales volume and prices.

Basic earnings per share were estimated at RMB 1.86 last year, up 22.67% year on year, said the company in a statement.

The company's unaudited operating revenue surged 37.48% year on year to RMB 83.60 billion last year.

Dong Mingzhu, president of Gree Electric Appliances, has said that the company's sales are expected to reach RMB 100 billion in 2012 and to hit RMB 200 billion by 2015.

Dong added that air-conditioner maker set up a branch company in California last year as part of its effort to expand into the U.S. market.

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