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Little Swan's profits up 455% in 2009

Updated: 2010-03-09 11:54
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BEIJING - Wuxi Little Swan Co, Ltd, a major washing machine manufacturer in China, said its net profits surged 454.93 percent year-on-year to 222.18 million yuan ($32.54 million) in 2009, partly due to strong rural consumption.

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Business revenue came to 4.38 billion yuan ($641.54 million) last year, up 1.92 percent, said the report filed to the Shenzhen Stock Exchange Monday.

A-shares of the Shenzhen-listed Wuxi Little Swan closed 1.98 percent up to 16.99 yuan Monday boosted by the announcement.

Earnings per share was 0.41 yuan, up 485.71 percent year-on-year.

The company attributed the dramatic lift in profits to the recovery of the domestic economy and the Chinese government's subsidy programs to increase household appliance consumption in rural areas last year.