Gree profit up 83.56%, consolidating lead position

Gree Electric Appliances<000651>, one of China's top air conditioner manufacturers, on Thursday posted an 83.56% rise in 2007 net profit, strengthening its lead position in the industry.

Net income amounted to RMB 1.27 billion or RMB 1.58 per share, while its revenue climbed 44.33% year on year to RMB 38.04 billion, the company said in its earnings statement.

The company suggested a final dividend of RMB 0.3 apiece and shareholders will get five shares for every 10 they hold.

Both challenges and chances are lying ahead in 2008 for Gree, it said. Rising material cost, RMB appreciation, increased tax, etc will jointly imposed big challenges for all air conditioner makers, however, chances brought by the nation's booming economy could be bigger, according to Gree.