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Jiangsu Chunlan returns to profit

JIANGSU Chunlan Refrigerating Equipment Stock Co Ltd returned to profit last year with the help of a government subsidy and it will submit an application to resume trading before May 8, it said yesterday.

The company said net profit reached 12.08 million yuan (US$1.76 million) last year after it posted losses the three previous years.

The company received a subsidy of 50 million yuan from the Taizhou City government in Jiangsu Province, and sold properties worth 100 million yuan to the city's Land Development and Reservation Center.

The company set a 2009 revenue growth target of more than 17 percent to 1.1 billion yuan, it said in a statement filed to the Shanghai Stock Exchange.

Last year's revenue plunged 940.55 million yuan, down 52.4 percent from 2007. The company blamed the drop on a sluggish property market, the world financial crisis and stiffer industry competition.

Trading in Jiangsu Chunlan, a listed arm of Chunlan Group Corp, was suspended on April 26, 2008. According to the country's Company Law, it would have been de-listed if it posted another loss in 2008.


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