Sichuan Changhong Electric Co. 09 net profit rises 272%
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Sichuan Changhong Electric Co., Ltd, one of China's leading household appliances producers, said Wednesday its net profit jumped 272.17 percent in 2009 on the back of government stimulus measures.
The company said its net profit rose to 115.81 million yuan (17.03million U.S. dollars) last year. The company's business revenue jumped 12.63 percent year on year to 31.46 billion yuan.
Earnings per share increased 272.17 percent to 0.061 yuan, the company said in its annual report filed to the Shanghai Stock Exchange.
The company attributed its dramatic profit growth to rising demand in the country's rural areas, partly due to government incentives aimed at boosting rural consumption.
The electric appliances producer said it would focus on strengthening its core businesses and raising product competitiveness this year.
The company's stock edged up 0.56 percent to 7.19 yuan per share Wednesday.
