Gree Electric Appliances (000651) posted a 22.67 percent year-on-year rise in preliminary 2011 net profit to 5.25 billion yuan on a 37.48 percent increase in sales revenue to 83.60 billion yuan, reports China Securities Journal, citing a company filing. Earnings per share hit 1.8613 yuan.
Based on the revenue of 64.1 billion yuan earned during the first three quarters, several brokerages had forecast revenue to have topped 80 billion yuan in 2011.
According to company chairman Dong Minzhu, should the company grow at a rate of 20 percent in 2012, revenue may hit 100 billion yuan this year.
The company attributes the good 2011 earnings to market expansion, adjustment of the product mix, and the increase in both sales volume and selling price.