Gadgets & Electronics

China's Midea Gained Net Profit Of CNY3.127 Billion In 2010

Chinese home appliance maker Midea has announced its 2010 performance report, stating that due to the optimization of its product structure and sales increase, its operating revenue increased by 57.70% year-over-year to CNY74.559 billion and its net profit increased by 69% year-over-year to CNY3.127 billion.

Midea said that during the year 2010, its business structure formed by air conditioners, refrigerators, and washing machines promoted the rapid growth of its sales; meanwhile, enhanced products like inverter air conditioners and multi-door refrigerators further ensured the continuous improvement of the company's profit level.

The company also revealed that the revenue from its air conditioners and air conditioner parts increased by 50.63% year-over-year to CNY48.259 billion; revenue from its refrigerators and refrigerator parts increased by 57.45% year-over-year to CNY9.939 billion; and revenue from its washing machines and washing machine parts increased by 63.10% year-over-year to CNY9.729 billion.

In addition, Midea plans to distribute the dividend payment of CNY1 for every ten shares.

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