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Haier Electronics Group Co Ltd, the Hong Kong-listed arm of China's leading home appliance maker Haier Group, is to sell its unprofitable mobile phone business to its parent firm for about HK$420 million (US$54.2 million).
Facts and figures The Hong Kong-listed Haier Electronics last week reported a turnover of HK$4.94 billion (US$637 million) for 2005, a year-on-year decrease of 16 per cent. The loss was mainly due to a sharp decline in the mobile handset business. The turnover of the sector dropped by 48 per cent to HK$1.63 billion (US$210 million). Its washing machine business registered turnover growth of about 20 per cent last year, to HK$3.31 billion (US$427 million). |