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Gree Electric Appliances expects H1 net profit to surge 30.08%

Jul. 17, 2012 (China Knowledge) - Gree Electric Appliances Inc of Zhuhai<000651>, China's largest maker of home air-conditioner, announced yesterday that it expected its net profit to grow 30.08% YoY in the first half of this year, in spite of a weak home appliance sector.

The company said that its net profit attributable to shareholders was estimated at RMB 2.87 billion in the first six months. Basic earnings per share were RMB 0.95 billion in the period.

The company's operating revenue jumped 20.04% YoY to RMB 48.30 billion in H1.

Chairwoman Dong Mingzhu said that the company aims to realize RMB 100 billion in sales this year and to increase its annual revenue to RMB 200 billion in the next five years.

Gree Electric Appliances earlier reported a net profit of RMB 1.17 billion for the first quarter of this year, 25.56% more than in the same period of last year. Core business revenue grew 16.10% YoY to RMB 19.98 billion in the quarter.

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