China's GD Midea 2010 net profit up 69.24%
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China's major home appliance maker GD Midea Holding Co., Ltd., posted a 69.24 percent year-on-year net profit jump in 2010.
In its annual business report filed to the Shenzhen Stock Exchange Thursday, the company said its net profit hit 3.13 billion yuan (about 476 million U.S. dollars) last year.
Midea's operating revenue increased 57.7 percent from the previous year to 74.56 billion yuan, while earnings per share stood at 1 yuan, up 21.95 percent from a year earlier.
The company attributed its profit surge mainly to robust home appliances demand which had benefitted from China's urbanization drive.
Midea's stock closed 4.22 percent lower from the previous closed at 19.06 yuan per share Thursday despite the profit gains report.
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