23 Aug 2010 09:29

Chigo's H1 net profit doubles to $41 mln y-o-y

Shanghai. August 23. INTERFAX-CHINA - Hong Kong Stock Exchange-listed Chigo Holding Co. Ltd., a leading domestic manufacturer of air-conditioners, registered net profits of RMB 278.3 million ($41 million) in the first half (H1) of 2010, up 105.0 percent year-on-year, according to the company's unaudited fiscal report released on Aug. 22.

According to the report, Guangdong Province-based Chigo generated revenue of RMB 4.66 billion ($686.4 million) in H1, up 54.8 percent year-on-year.

Domestic sales accounted for 56.4 percent of the total or RMB 2.63 billion ($387.4 million) in the same period, up 64.6 percent year-on-year. Overseas sales made up the remainder with RMB 2.03 billion ($299 million) in H1, up 43.8 percent year-on-year, the report said.

Chigo attributed the growth to its development of advanced energy-saving products. The company accounted for roughly 21 percent of the energy-saving air-conditioner market in H1. In the same period, Chigo received RMB 596.1 million ($87.8 million) in subsidies from a national government scheme promoting energy-efficient products in the home-appliances, cars and lighting industries, the report said.

Chigo was established in 1994.