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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.
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. (For more biz stories, please visit Industries)
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