China: Gree posts profit of 1.95 billion yuan in 2008

12 January 2009

Zhuhai, China, 12 Jan – Gree Electrical Appliances Inc has announced an expected profit for 2008 of 1.95 billion yuan (US$285.7 million), or a 50 percent rise on 2007, due to lower costs and higher sales.

In 2007 the company posted profit of 1.27 billion yuan.

Gree Electrical Appliances, with headquarters in Zhuhai, a special economic area next to Macau, is in 88th place amongst China’s top 500 companies and in 15th place amongst Zhuhai’s top 50 companies.

The group has the capacity to produce 10 million air conditioning units per year, 8 million small household appliances, 12 million tonnes of special covered wire and 100 million computer disks, amongst many other products.

Gree also has interests in the petrochemical and construction sectors, including housing projects in Zhuhai and Shanghai, Harbion and Zhongshan, as well as large industrial projects such as the construction of large docks and warehouses.

Gree’s unit in Brazil is the largest manufacturer of air conditioning units in the country, with 250 staff. It is expected to produce around 180,000 units this year.

Currently the Manaus unit only produces part of the units it sells in Brazil, with most being imported from China into the Brazilian market.

Gree’s sale of products in Brazil began in 1998 via a local importer, but a year later the Chinese company took on the direct sale of products in the market. (macauhub)