It is reported that Qingdao Haier posted a 19.14%YoY rise in first half 2011 net profit to CNY 1.53 billion with basic earnings per share of CNY 0.57.

Sales revenue rose 17.99%YoY to CNY 38 billion.

The company refrigerator business contributed revenue of CNY 14.22 billion up by 8.25%YoY while small home appliances generated revenue of CNY 902 million up by CNY 160.81.

During the reporting period, the company expanded its Internet channels through subsidiary Haier Electronics Group. Haier outlets covered a total of 2,120 counties as of end June with coverage ratio of 94%.

The company obtained stakes in 10 companies during the reporting period, including Qingdao Haier Modeling, from its effective controller Haier Group, extending its industrial chain. The newly-acquired companies contributed net profit of CNY 116 million.

Haier plans to roll out products designed for the needs of third and fourth-tier cities in the second half of 2011.

(Sourced from yicai.com)