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Haier Electronics sees 2008 net profit fall 11.6%

Published: 20 Apr 2009 17:13:18 PST

Apr. 21, 2009 (China Knowledge) - Haier Electronics Group Co Ltd<1169>, China's largest home appliance maker, announced its net profit declined 11.6% from a year earlier to RMB 152 million in 2008.

Haier attributes the profit drop to the surging cost of research on products suitable for the rural market, the expenditure increase caused by sponsoring the Beijing Olympic Games and the cost of developing third and fourth tier markets, said Yang Mianmian, the president of the group.

Yang said the company will focus on product innovation, cash flow, developing third and fourth tier markets and maintaining a prudent financial policy.

The company's domestic market share in washing machines is 31.5%, and its domestic market share in water heaters is 21.3%.

In the first quarter of 2009, Haier's domestic market and overseas market saw stable growth.

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