Apr. 24, 2012 (China Knowledge) - GD Midea Holding Co Ltd<000527
>, a leading Chinese home appliance manufacturer and distributor, said yesterday that its net profit jumped 22.39% year on year to RMB 871 million in the first quarter of this year.
Basic earnings per share were RMB 0.26 in the period, up 18.18% year on year.
GD Midea saw its operating revenue plunge 41.78% year on year to RMB 17.75 billion in the first quarter, due to a high comparison and slowing home appliance industry.
The company's gross profit margin rose 5.68 percentage points in the period as its operating costs fell 45.67% year on year.
The company earlier reported a net profit of RMB 3.7 billion for 2011, 18% more than in 2010. The firm's revenue jumped 25% year on year to RMB 93.1 billion last year.