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Gree First-Half Profits Up 40%
Aug 28, 2013
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China-based air-conditioning producer Gree reported half-year 2013 sales revenue of 52.90 billion yuan (approx. US$8.47 billion), up 10.38% from the first half of 2012.

First-half 2013 net profit was up 39.85% from the first half of 2012.

The gross profit ratio in the first half of 2013 was 29.15%, up 5.4%. The gross profit ratio of Gree's air-conditioner business was 29.54%, up 5.64% from the year before.

In the first half of 2013, Gree product launches included new water and air purifiers, as well as the Crown series, with two-stage inverter compression technology.

Gree said the new product launches are helping it maintain growth in revenues and profits.

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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