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Qingdao Haier Co. (600690.SH), a major refrigerator and air conditioner maker in China, said Wednesday that its first-quarter net profit was unchanged on the previous year at 88.1 million yuan ($1=CNY8.28).

Net profit rose a mere CNY44,228 compared with the same period last year, while its core revenue rose 16% to CNY3.23 billion. It didn't explain why net profit stagnated, but in its 2003 full-year report published earlier this year it said a rise in raw material costs was pressuring profits.

Thanks to aggressive marketing overseas, Haier is now one of China's most recognized brands abroad. It operates a refrigerator factory in South Carolina, and sells products such as wine coolers and countertop freezers in the U.S.

Qingdao Haier's parent Haier Group last year signed several cooperation deals with foreign companies, including Taiwanese appliance maker Sampo Corp. (1604.TW) and Japan's Sanyo Electric Co. (SANYY), to boost overseas sales.

It didn't provide export figures in the first-quarter report, which was calculated according to Chinese accounting standards and unaudited.

From Yahoo, Singapore

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