Haier likely to cut sales growth target for Asia-Pacific region

Published: 29 Jun 2009 16:45:15 PST

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Jun. 30, 2009 (China Knowledge) - China's Haier Group, the fourth largest white goods manufacturer in the world, is likely to cut its sales growth target for foreign countries in the Asia-Pacific region for 2009 from 20%, said Yan Xiaoming, head of the company's Asia-Pacific operations, Reuters reported on Monday.

Yan said the economic recession may impact the company's revenue this year. Sales figures for the period from January to May were weak, which is part of the reason the company expects slower growth in the coming months.

Haier's global turnover hit RMB 122 billion in 2008, up 8% year on year.

Qingdao-based Haier recently raised its shareholding in Qingdao Haier Co Ltd<600690> to 44.58% and now holds a total of 597 million shares, according to latter firm's filing with the Shanghai Stock Exchange.

Haier Electronics Group Co Ltd<1169>, the home appliance unit of Haier Group, saw its net profit declining 11.6% from a year earlier to RMB 152 million in 2008.

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