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Midea Net Profits Down 14.8% in 2008 Mar 11, 2009 |
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Chinese appliance maker Midea Group said that its net profits in 2008 were down 14.78% year-on-year to 1.03 billion yuan (approx. US$151 million), though its operating revenue rose 28.77% year-on-year. The company attributed the loss to the fluctuation of exchange rates and wavering prices of raw materials. But it also said that one year after acquiring Little Swan its sales in washing machines and refrigerators increased 136.8% to 4.22 billion yuan ($614 million).