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Haier sees sharp rise in H1 profit

08-16-2011 10:38 BJT

Haier Electronics Group Co Ltd said on Tuesday it expected net profit attributable to shareholders to rise 79 percent for the first half of 2011 as compared with the same period a year ago due to strong sales of washing machines and water heaters, according to a Reuters report.

Haier said a strong performance by its integrated channel services business also lifted first half earnings, boosting its net profit attributable to shareholders to an estimated 586 million yuan ($91.70 million) during the six month period, up from 327 million yuan a year ago, and revenue was expected to jump 68 percent to 24.15 billion yuan.

The white goods maker said revenue from integrated channel services rose 124 percent during the first half, its washing machines business increased 11 percent and water heater business surged 22 percent.

The company said it is still finalising the interim results and a board meeting will be held on Aug 29 to approve the first half results. For statement click here

Earlier this month, buyout firm Carlyle Group agreed to buy 9 percent of Haier Electronics Group through convertible bonds, raising its stake as the Chinese company expands into Japan and China's untapped markets.

Editor:Yang Jie |Source: China Daily

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