Gree Electric Appliances of Zhuhai : ' First-Half Net Profit Slumped 54%

By Martin Mou

Gree Electric Appliances Inc. of Zhuhai's first-half net profit fell sharply, weighed by a weak market for air-conditioners in China due to the Covid-19 pandemic.

Net profit tumbled 54% compared with the same period a year earlier to 6.36 billion yuan ($926.4 million), as it was also dragged by its active promotions to boost sales in the market downturn, Gree said late Sunday.

However, Gree, a major maker of air-conditioners in China, said Covid-19's shock to the industry should be temporary and the company could clinch a larger market share in the future on its cost-effectiveness and other advantages.

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