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Midea's 1Q Profits Surge May 3, 2010 |
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Chinese appliance OEM GD Midea Holding Co. reported a first quarter net profit of RMB 631 million (approx. US$92.4 million), or almost 3.5 times its net profit in 1Q 2009, according to a China Knowledge report. The report said Midea's operating revenue was RMB 15.54 billion (approx. $2.3 billion), an increase of 76% year on year, with operating costs up 87% than in 2009.
Midea's increase is credited in-part to the Chinese appliance stimulus program, which included rebates to consumers of RMB 300-850 when buying energy efficient air-conditioners.