Kelon up 55pc on sales rise

Refrigerator maker Guangdong Kelon Electrical Holdings Co has posted a 55 per cent rise in profit to 245.67 million yuan (about HK$228.54 million) in the first half, from 158.43 million yuan previously.

The H-share company, which listed in Hong Kong last month, saw interim profit reach 57.3 per cent of its full-year forecast of 428 million yuan.

Turnover was 1.49 billion yuan, up 39.5 per cent on increased sales of 808,097 refrigerators.

At the operating level, profit was 227.6 million yuan, up 22.4 per cent from 185.82 million yuan in the same period last year.

An interim dividend of 0.02 yuan or HK$0.019 a share will be paid.

The company said it had received a US$4.5 million grant from the Multilateral Fund of the Montreal Protocol upon completion of capital investments in non-CFC refrigerator manufacturing.