July 27 -- Gree Electric Appliances (000651) reported a 40.37 percent year-on-year increase in first half 2011 net profit to 2.208 billion yuan, reports China Business News, citing a company filing.

Sales revenue increased 60.03 percent year-on-year to 40.239 billion yuan.

According to the filing, Gree Electric Appliances posted revenue growth of more than 61 percent from domestic and overseas markets in the first half, while the gross margin of its air-conditioner business fell 0.93 percentage point to 15.34 percent.

Gree Electric Appliance had a 29.5 percent market share in China's air-conditioner market in the first half, while GD Midea Holding (000527) had a market share of 24 percent.