Net profit plunges

SICHUAN Changhong Electric Co, one of China's major TV makers and home appliance manufacturers, yesterday said its net profit last year plunged 91.6 percent year on year to 31.1 million yuan (US$4.6 million).

The company attributed the profit slump to damages caused by last year's May 12 earthquake in Sichuan Province and the adverse impact caused by the global financial crisis.