Gadgets & Electronics

China's Midea Net Profit Up 13.85% In H1 2017

Chinese home appliances group Midea realized operating revenue of CNY124.45 billion, a year-on-year increase of 60.53%; and it achieved net profit of CNY10.811 billion, a year-on-year increase of 13.85%, as it announced its semi-annual report for the first half of 2017.

Midea Group's original business revenue was CNY103.877 billion, a year-on-year increase of 34%; and its net profit attributable to shareholders was CNY11.458 billion, a year-on-year increase of 21%. Meanwhile, Midea's acquired business Kuka Group realized operating revenue of CNY13.513 billion, a year-on-year increase of 35%; and its net profit was CNY451 million, a year-on-year increase of 98%. The Toshiba home appliances business, which was also acquired by Midea, realized operating revenue of CNY7.531 billion and it made net losses of CNY92.027 million.

Commenting on its performance growth, Midea said that during the reporting period, the company enhanced investments in technologies, promoted lean management and full value chain excellence operation, achieved overall operating goal, and realized rapid growth for all product categories. At the same time, its merger of acquired projects was implemented effectively, which further strengthened the group's market competitive advantage.

Midea said they will stick to their global business strategy and reinforce overseas expansion and owned brand business. They will continue to promote the merger of acquired projects and encourage process reengineering, to speed up the creation of synergistic effect in brand, channel, R&D innovation, and supply chain between the acquired projects and Midea's product business unit.

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