August 31 -- GD Midea Holding (000527.SZ) posted a 13.66-percent rise in net profit in the first half of 2011 to 1.969 billion yuan, while Gree Electric Appliances (000651) reported its interim net profit increased to 2.208 billion yuan, reports China Business News, citing company filings.

Midea recorded a 58.97 percent increase in revenue to 62.04 billion yuan in the first half of 2011. Revenue from Midea air-conditioner sales jumped 64.44 percent year-on-year to 42.516 billion yuan during the reporting period.

Gree Electric produces air conditioners and related components. Its revenue was 40.239 billion yuan in the first six months.

Midea’s comprehensive gross margin fell 0.27 percentage point year-on-year to 16.98 percent during the reporting period due to higher costs of raw materials and parts. Gross margin of Midea’s air-conditioner also slipped 0.35 percentage point to 17.99 percent over the same period.