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Gree's net profit rises 53.5% in 2008

By Zhou Yan (chinadaily.com.cn)
Updated: 2009-01-20 14:29

Gree Electric Appliances, one of China's largest air-conditioner manufacturers, has exceeded market projections by posting a 53.5 percent year-on-year growth in net profit in 2008 to 1.95 billion yuan ($285 million).

The Zhuhai-based company announced in its preliminary earnings report that the company's earnings per share (EPS) for 2008 is expected to reach 1.55 yuan.

The profit growth is mainly attributed to the fall in raw materials costs, and the popularity of its self developed products, the Shenzhen-listed company said in the statement.

Sales of air-conditioners have been falling rapidly since May.

Changcheng Securities estimated that the total sales in the industry had dropped 8 to 10 percent in 2008.

CITIC Securities maintained buy recommendation on Gree, and raised its EPS estimate in 2009 to 1.64 yuan.