Hisense sees net profit up by 16.7% in 2011

QINGDAO - Hisense Group, China's leading home appliances maker, announced Friday that its net profit rose by 16.74 percent in 2011.

The company said in its annual business report that its net profit reached 4.28 billion yuan ($677 million) in 2011, representing a year-on-year increase of 16.74 percent. Its revenue rose by 12.29 percent to 71.6 billion yuan.

Hisense has been China's biggest seller of liquid-crystal display (LCD) TVs for eight straight years. Its sales took up 15.68 percent of China's LCD market last year, according to the report.

The company, based in Qingdao city, eastern Shandong province, attributed the success to its technological innovation. It said its sales of smart TVs, which are loaded with new technologies, took up 19 percent of the China market in 2011, placing Hisense first in the sector in the country.

With two listed arms, Hisense has 15 overseas production bases and its products are sold in more than 100 countries and regions around the world.