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Haier Reports 37-pct Growth in Profits
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Chinese home appliance maker Qingdao Haier on Thursday announced first-half net profits were up 36.9 percent from the same period last year as the company tried to expand on the international high-end market.

Qingdao Haier, one of the two listed subsidiaries of the Haier Group, notched up net profits of 364 million yuan (US$ 47.9 million) in the first six months of this year, on revenues of 17.1 billion yuan.

At April's China Import and Export Fair, the Shanghai-listed company won big orders for its side-by-side refrigerators from the United States and Europe, at a price 20 times higher than the average price of China's exported refrigerators.

The rise in profits was also attributed to Qingdao Haier's acquisition of Haier Group's four other subsidiaries, which were more profitable.

In the first six months, Qingdao Haier held a 26.6-percent share in the home market for refrigerators and 16.3-percent share in the air conditioner market, reported Thursday's Shanghai Securities News.

(Xinhua News Agency August 24 2007)

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