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September 3, 2018

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Haier’s net profit rises 10% to US$713m

Qingdao Haier Co Ltd, one of the world’s leading home appliance makers, said its net profit in the first half of the year grew 10 percent to 4.86 billion yuan (US$712.5 million).

The company’s operating revenue climbed 14.19 percent to 88.59 billion yuan during the period, it said in the first half financial report filed to the Shanghai Stock Exchange.

Its revenue from overseas sales reached 35.8 billion yuan, accounting for 40.4 percent of the total. Sales on the Chinese mainland surged 24.46 percent while that from the rest of the world rose 2.06 percent in the six months.

Earnings per share stood at 0.797 yuan, up 10.08 percent from a year earlier, according to the report.

The company, which is based in Qingdao in Shandong Province, attributed its profit growth to expanding market share due to product innovation and domestic consumption upgrades.

Looking ahead, the company expected the country’s continued policies to curb house purchases to weigh on sales of home appliances such as air conditioners and kitchen appliances in the second half of the year, while ongoing consumption upgrades will further boost the sector’s development.

The company’s shares fell 1.72 percent to 14.89 yuan each on Friday.


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