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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.

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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.