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Gree Electric's Q1 net profit up 25.56%

Apr. 27, 2012 (China Knowledge) - Gree Electric Appliances Inc of Zhuhai<000651>, China's largest maker of home air-conditioner, announced yesterday that its net profit jumped 25.56% year on year to RMB 1.17 billion in the first quarter of this year, despite a slowing home appliance market.

The company's operating revenue grew 16.29% year on year to RMB 20.09 billion in the quarter.

Gree Electric earlier reported a net profit of RMB 5.24 billion for 2011, 22.48% more than in the same period of last year. The company realized RMB 83.52 billion in operating revenue last year, reflecting a growth of 37.35% year on year.

This year, the company aims to increase its sales revenue to RMB 100 billion.

In the first two months, China's home appliance sales dropped 13% year on year and the sales of air-conditioners saw a larger decline of 32.6%, according to data from China Market Monitor Co.

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