Gree's 2012 net profit surges

Gree Electric Appliances Inc said Friday its net profit last year was 7.38 billion yuan ($1.19 billion), up 40.88 percent year-on-year.

Gree's sales revenue in 2012 hit 100.08 billion yuan, making it the first Chinese company to reach an annual sales figure of 100 billion yuan through a single product category, the company said in a statement filed with the Shenzhen Stock Exchange.

The Guangdong-based air-conditioning equipment maker said the surging revenue and profit were due to its technological innovations and upgraded management.

Last month, Gree said it will try to accomplish a sales target of 200 billion yuan in 2015.