Gree Profits Up 30% Aug 28, 2012

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Chinese air-conditioning producer Gree reported half-year 2012 revenue of 48.303 billion yuan (approx. US$7.6 billion), up 20.04% from the first half of 2011. Net profit was 2.817 billion yuan (approx $443 million), up 30.06% from the first half of 2011.

Gree Electric Appliances, Inc. of Zhuhai produces air-conditioners at nine manufacturing locations in China (Zhuhai, Chongqing, Hefei, Zhengzhou, and Wuhan) and in Brazil, Pakistan, Vietnam, and Indonesia. It has an annual production capacity of 60 million residential air-conditioners (RAC) and 5.5 million commercial air-conditioners (CAC).

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