China's Hisense Posts Drastic Net Profit Surge in 2009

Hisense Electric Co., Ltd (Hisense), a major home appliances maker in China, announced Monday that it more than doubled its net profit in 2009.

In its annual business report filed to the Shanghai Stock Exchange, the Qingdao-based company said that its net profit rose 121.47 percent year on year to 498.23 million yuan (73.05 million U.S. dollars) in 2009. Its earnings per share stood at 1.009 yuan, up 119.35 percent from the previous year.

The company attributed the surge in net profit mainly to its expansion in the domestic market, driven by the country's policies of subsidizing the sale of home appliances in the countryside and getting consumers to trade-in old home appliances for new ones.

Shares of Hisense closed higher at 25.87 yuan per share, up 1.69 percent compared to the previous close on the profit jump report.