China's home appliance giants see huge loss during coronavirus outbreak, turnaround unlikely anytime soon

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Chinese home appliance giants are expected to see profit slump in the first quarter, with some slipping into losses, due to the impact of the coronavirus outbreak. Major players are considering salary freeze and letting go underperformed workers.

Gree Electric Appliances Inc, China's largest air conditioner maker, expects its first-quarter profit to slump 70 - 77 per cent from a year earlier to 1.33 billion yuan - 1.71 billion yuan, according to its stock exchange filing last week. Its revenue is projected at around 20.7 - 22.9 billion yuan, compared to 41 billion yuan . . .

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