Hefei Meiling (000521), a producer of refrigerators and air conditioners, posted a 67.28 percent year-on-year drop in 2011 net profit to 106 million yuan despite a 9.44 percent increase in revenue to nine billion yuan, reports yicai.com, citing a company filing. Earnings per share hit 0.1675 yuan.

Operating profit fell 119.94 percent from 2010 to 112 million yuan.

During the reporting period, the company adjusted its product mix and made changes to the second phase of a refrigerator production plant. Upon completion, the facility will be able to produce 600,000 refrigerators.

Hefei Meiling expanded into Jiangxi and Pakistan last year.

Based on total equity at end 2011, the company will distribute cash dividends of 0.5 yuan and convert two shares for every 10 shares held.

Source:capitalvue.com