China's top air-conditioner maker Q1 net profit up 23.09%

A Gree store in Yichang city, Hubei province, April 28, 2015. [Photo/IC]

BEIJING - Gree Electric Appliances, China's largest maker of home air-conditioners, reported Wednesday that its net profit in the first quarter of 2015 soared 23.09 percent year on year.

The company's net profit hit 2.78 billion yuan ($454.25 million), the Guangdong-based firm said in its quarterly business report filed to Shenzhen Stock Exchange.

Its total business revenue from January to March decreased slightly by 0.66 percent from one year earlier to 24.5 billion yuan while earnings per share advanced 23.09 percent year on year to 0.92 yuan.

The A-share price of the company gained 2.34 percent to end at 57.71 yuan on Wednesday.

The Chinese leading home appliances manufacturer inked a cooperation agreement with China's photovoltaic company Yingli Solar on the promotion and application of photovoltaic-driven inverter central air conditioners across the world on Tuesday.