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.