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Supor's profits up 41% in 2008

By Ding Qingfen (chinadaily.ocm.cn)
Updated: 2009-03-19 13:22

Zhejiang Supor, China's largest pressure cooker producer and the second largest electric cooker, posted sound profits of 343.64 million yuan ($50.31 million) in 2008, up 40.65 percent year-on-year, on sales of 3.62 billion yuan, increasing by 23.48 percent.

Related readings:  Supor plans plant in Vietnam  France's SEB completes takeover of China's Supor  Electrical: SEB approved for stake in Supor  SEB confident in Supor deal

The growth meets the company's previous business target, and was fueled mainly by Supor's overseas expansion, said the company.

Last April, Supor's manufacturing base in Vietnam, its first overseas factory, came into operation. The company invested $15 million to establish the Vietnam factory, which produces cookers and kitchen appliances that sell in Southeast Asia. The factory, when it completely comes into operation, could generate annual sales worth $160 million.

Last year, the cooker business generated sales worth 1.74 billion yuan, and household appliances, 1.72 billion yuan.

Cooperation with French SEB Internationale SA, the world's leading electrical appliances manufacturer, is also going well, said Supor. In 2008, SEB successfully acquired part of Supor's assets and holds 51.31 percent equity in the company.