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Midea net profits down 14.8% in 2008

By Yu Hongyan (chinadaily.com.cn)
Updated: 2009-03-10 12:00

Midea Group, one of China's largest household appliance makers, announced on Tuesday that its net profits in 2008 were down 14.78 percent year-on-year to 1.03 billion yuan ($151 million), though its operating revenue rose 28.77 percent year-on-year to 45.3 billion yuan.

Related readings:  Midea buys 24% Little Swan stake  Subsidies to spur rural spending  China's home appliance industry slows in 2008

The company attributed the loss to the fluctuation of exchange rates and wavering prices of raw materials. The absence of non-recurring sources of income in 2008 (such sources accounted for 230 million yuan in 2007) marked another drawback in its balance book.

But Midea said that one year after acquiring Little Swan, China's second-largest washing machine maker after Haier, its sales in washing machines and refrigerators soared 136.8 percent to 4.22 billion yuan.