China's home appliance giant Changhong reports 91.6% slump in 2008 net profit
The Sichuan Changhong Electric Co., one of China's major TV makers and home appliance manufacturers, said that its 2008 net profit fell 91.6 percent year on year to 31.1 million yuan.
The Sichuan Changhong Electric Co., one of China's major TV makers and home appliance manufacturers, said that its 2008 net profit fell 91.6 percent year on year to 31.1 million yuan (4.6 million U.S. dollars).
The company attributed the profit slump to damages caused by last year's May 12 earthquake in Sichuan Province and the adverse impacts caused by the global financial crisis.
The company's turnover rose 20.1 percent from a year earlier to27.9 billion yuan in 2008. It spent 155.5 million yuan in provisions related to losses from natural disasters.
