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GD Midea sees 22.39% rise in Q1 net profit

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.

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