Joyoung (002242), a maker of soymilk machines, rice cookers, and related products, posted a 15.16 percent year-on-year drop in 2011 net profit to 501.32 million yuan on a 2.75 percent drop in revenue to 5.199 billion yuan, according to a company filing.

According to a China News report, operating profit hit 700 million yuan, while total profit was 714 million yuan.

According to the filing, revenue from sales of soymilk machines, juice makers, and cooking machines totaled 3.39 billion yuan.

The company had a 70 percent share of the domestic soymilk machine market last year, while its share of the market for cooking machines totaled 43.71 percent.

Joyoung replaced Philips as the new market leader for juice makers, while it recorded a 30 percent growth rate for its induction cooker business, with the growth rate significantly exceeding that of the industry's.

The company's electric pressure cooker and electric kettle businesses recorded respective growth rates of 20 percent and 50 percent, while the industry growth rates for both products were less than 10 percent.

Revenue from overseas sales of Joyoung's soymilk machines increased 79.49 percent year-on-year to 56.8 million yuan in 2011.

Growth was especially strong in Taiwan, with sales volume surging 300 percent last year. The company had a 85 percent share of the Taiwanese market, with 2011 sales of NT$380 million.

In addition, Joyoung last year became the first producer of small household appliances to generate sales revenue of more than 100 million yuan from Taobao Mall.

Source:capitalvue.com