Gree Electric Appliances Inc. said on Monday that it booked a net profit of 10.81 billion yuan (US$1.79 billion) for 2013, marking an increase of 46.5 percent from the previous year, the China Securities Journal reported Tuesday. Revenue rose 19.9 percent to 120.03 billion yuan, it said. The net asset yield based on weighted average for 2013 stood at 35.61 percent, up 4.23 percentage points over that of the previous year. The Zhuhai-based electrical appliance company said innovation in technology, improvement in brand value and increased use of manufacturing automation contributed to the increase in profit during the year.
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