Haier Profits Up, Sales Down Aug 11, 2009

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Qingdao Haier Co. said first-half profit rose 21%. Net income rose to 666 million yuan (approx. US$97 million). Yet, sales fell 12.2% to 16.6 billion yuan. Qingdao Haier’s costs of sales and manufacturing fell 13.9% in the first half to 12 billion yuan, from a year ago, according to a company statement. The company also received higher payments in advance from customers in the first six months, boosting earnings, it said. It also said that it cut spending on equipment and related manufacturing by 60.2%.

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