Qingdao Haier net profit up 49.64% in 2009

Chinese electronics and home appliances maker Qingdao Haier has published its annual financial report for 2009, stating that its operating revenue increased by 8.46% year-on-year to 33 billion; while its net profit increased by 49.64% to 1.149 billion.

At the same time, its net cash flow reached 4.626 billion, a year-on-year increase of 251.12%; and its gross margin reached 26.43%, an increase of 3.3 percentage points compared with the previous year. These financial indices all reportedly reached the company's record high.

For various sectors, Qingdao Haier s revenue from refrigerator was about 16.287 billion, an increase of 22.36%; its revenue from freezers was 2.715 billion, an increase of 17.57%; revenue from air-conditioners was 8.685 billion, a decrease of 9.98%; revenue from small home appliances products was 873 million, a decrease of 11.17%; and revenue from other products was 3.912 billion, an increase of 5.56%.

In 2009, Qingdao Haier s revenue from the domestic Chinese market was 29.2 billion, an increase of 15.51% compared with the previous year; and its revenue from the overseas markets was 3.778 billion, a decrease of 26.33% over the previous year.

In addition, on December 11, 2009, Qingdao Haier signed an agreement with Haier Electronics, the Hong Kong-listed affiliate of Haier Group, to acquire an additional 31.93% stake in Haier Electronics. On the completion of the transaction, Qingdao Haier will hold about a 51.31% stake in Haier Electronics and Qingdao Haier s product lines will also expand into washing machines and water heaters, forming relatively complete white goods product lines.