Net saves Chunlan from delisting

By Pan Xiaoyi | January 13, 2009, Tuesday |

Print Edition

JIANGSU Chunlan Refrigerating Equipment Co yesterday said it's expecting a profit of 10 million yuan (US$1.5 million) last year and it also disclosed it won't be delisted after it gained a local government subsidy.

The company, a listed arm of Chunlan Group Corp, has received a subsidy of 50 million yuan from the government of Taizhou City, Jiangsu Province, and sold its properties for 100 million yuan to the city's Land Development and Reservation Center, it said in a statement filed to Shanghai Stock Exchange yesterday.

The property sale allowed the firm to post a profit of more than 10 million yuan last year.

Shanghai-listed Chunlan, which used to be one of China's biggest air-conditioner makers, has halted trading since May 19 after it posted an annual loss of 315 million yuan in 2007, its third in a row. It would be delisted from the bourse if it failed to make a profit last year under stock exchange rules.

Chunlan posted a loss of 95 million yuan in net profit for the first half of last year. Sales of home air-conditioners had cooled since May due to a sluggish real estate market, weak overseas demand and a relatively mild summer.

Consumer

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Net saves Chunlan from delisting

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