Gree Electric net profit up 46.76%

Updated: 2011-03-24 14:05
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BEIJING - Gree Electric Appliances, China's largest maker of home air-conditioners, reported Thursday its 2010 net profit soared 46.76 percent year on year.

The company's net profit hit 4.28 billion yuan ($651.82 million), the Guangdong-based firm said in its annual business report filed to Shenzhen Stock Exchange.

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Its annual business revenue increased 42.62 percent from one year earlier to 60.8 billion yuan while earnings per share advanced 47.57 percent year on year to 1.52 yuan.

Gree Electric attributed its profit surge mainly to its technological and marketing innovations as well as the country's efforts in boosting domestic demand and "trade-in" policies for purchase of home appliances

The A-share price of the company opened up 1.16 percent from the previous close to 22.7 yuan Thursday.