Qingdao Haier Co, a unit of the Chinese company that may buy General Electric Co's appliance arm, said yesterday that first-half profit rose 46 percent as rising incomes fueled consumer spending in the world's most-populous country. Net income rose to 548.9 million yuan (US$80 million), or 0.41 yuan a share, from 376 million yuan, or 0.28 yuan, a year earlier, the company said in a statement to Shanghai's stock exchange, citing Chinese accounting standards. The company said it achieved 11 percent higher in sales to total 18.5 billion yuan during the period.

(Shanghai Daily August 25, 2008)