Earnings heat up for AC maker

Gree Electric Appliance Inc of Zhuhai, a major air-conditioner maker, posted net profit of 628 million yuan (US$81.28 million) in 2006, up 23.88 percent from a year earlier, it said in a statement posted on the Shenzhen Stock Exchange yesterday.

Revenue climbed 30 percent year on year to 23.8 billion yuan, led by more exports of air conditioners. Overseas sales jumped 47 percent to 5.26 billion yuan.

The Guangdong-based manufacturer targets a net profit of no less than 610.97 million yuan this year and expects sales to increase by more than 20 percent. It plans to invest 800 million yuan this year to boost production capacity.

Source:Shanghai Daily