Changhong Reports 91.6% Fall in 2008 Net Profit Apr 28, 2009

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The Sichuan Changhong Electric Co., one of China's major TV makers and home appliance manufacturers, said that its 2008 net profit fell 91.6% year on year to 31.1 million yuan (approx. US$4.6 million).

The company attributed the profit slump to damages caused by last year's May 12 earthquake in Sichuan Province and the adverse impacts caused by the global financial crisis.

The company's turnover rose 20.1% from a year earlier. It spent 155.5 million yuan ($22 million) in provisions related to losses from natural disasters.

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