(Yicai Global) Aug. 31 -- Leading Chinese home appliance company Gree Electric Appliances, Inc. [SHE:000651] has reported a 40 percent annual rise in operating income to USD10.61 billion (CNY70.02 billion) in the first half of the year. Net profit soared 48 percent to USD1.43 billion (CNY9.45 billion).
Revenues in the company’s household appliance business increased 34 percent annually to USD8.98 billion (CNY59.28 billion), making up 34 percent of the total income. Air-conditioners yielded USD8.28 billion (CNY54.64 billion) in revenue, up 38 percent on the year. Smart appliances logged revenues of USD146 million (CNY962 million), an almost 28-fold increase year-on-year.
Gree now enjoys an 18 percent share of the Chinese central air-conditioning market, outranking all other manufacturers in the country, estimates Ehvacr.com, an authoritative source on the central air-conditioner industry.
The company is the largest multinational air-conditioner producer in the world. Its products are divided into two brands, Gree and Tosot.