Qingdao Haier H1 net profit hits RMB 665 mln

Aug. 12, 2009 (China Knowledge) - Qingdao Haier Co<600690>, one of the leading household appliance makers in China, on Monday announced that its net profit rose 21.3% year-on-year to RMB 665 million in the first half of this year, with earnings per share standing at RMB 0.497.

Qingdao Haier recorded nearly RMB 16.61 billion in revenues from its core business in H1 2009, down 12% from a year earlier. However, the firm's operations generated RMB 3.66 billion of net cash flow during the period, skyrocketing 1,052% year on year.

The firm attributed the net profit increase to its massive reforms in business mode, marketing network and management. Meanwhile, the Chinese government's rural home appliance subsidy program also helped boost sales of the Qingdao-based company.

In the overseas market, Qingdao Haier gained RMB 8.04 billion and RMB 1.49 billion from its refrigerator business and freezer business respectively during the first six months of this year.