Guangdong Kelon Electrical Holdings has decided to adopt a more aggressive approach in its business plan this year after seeing its attributable profit edge up 5.93 per cent to 628.12 million yuan (about HK$587.1 million) in 1999.
The mainland-based refrigerator and air-conditioner manufacturer achieved the growth after a reduced profit-tax rate was granted to domestic high-technology companies by the government.
Operating profit fell to 677.36 million yuan from 694.26 million yuan.
The company made the gain on the back of turnover of 5.62 billion yuan, up 47.42 per cent over 1998.
Chairman Wang Guoduan said the results were satisfactory, given the mainland's 27 month-long deflation.
The consolidated gross profit margin fell to 31.3 per cent from 35.5 per cent.
Mr Wang attributed the fall to the integration of recently acquired Guangdong Huabao Air-Conditioner in the company.