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Appliance maker Little Swan sees profit dive 88% in 2008

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-06 16:24

Chinese washing machine maker Wuxi Little Swan posted an 88 percent drop in its net profits in 2008, battered by rising raw material costs and slack demand.

Related readings:  Midea buys 24% Little Swan stake  Suning's net profit up 48% in 2008  China's home appliance industry slows in 2008  China promotes home appliance subsidy program in rural areas

Its net profits declined to 40 million yuan in 2008, on sales of 4.29 billion yuan, a 14 percent slump from a year earlier, the Shenzhen-listed company said on Friday in a stock exchange filing.

This is the first time that Little Swan has reported its full-year earnings since being acquired by China’s second-biggest appliance maker GD Midea last year.

Shares of Little Swan, which also produces refrigerators, declined 3.39 percent to close at 5.99 yuan on Friday.