Sales Growth, New Income Sources Drive Midea’s First-Half Revenue to USD18.65 Billion

Sales Growth, New Income Sources Drive Midea’s First-Half Revenue to USD18.65 Billion

Zhang Xia

Date: Thu, 08/31/2017 - 15:32 / source:Yicai
Sales Growth, New Income Sources Drive Midea’s First-Half Revenue to USD18.65 Billion
Sales Growth, New Income Sources Drive Midea’s First-Half Revenue to USD18.65 Billion

(Yicai Global) Aug. 31 -- Midea Group Co. said yesterday in its semi-annual report that its revenue and net profit rose 60 percent and 14 percent, respectively, in the first half on sales growth and the addition of income sources.

The company’s revenue was USD18.65 billion (CNY124.96 billion) in the period, and its net profit was CNY10.81 billion.

Midea’s original business operations include the production and sales of home appliances, electronics and spare parts. Revenue from its original business in the first half was CNY103.87 billion, marking a 34-percent increase. Original business net profit went up 20 percent.

The robotics business of KUKA Aktiengesellschaft, which Midea acquired last year, posted revenue of CNY13.513 billion, up 35 percent. Toshiba Lifestyle Products & Services Corp., which recently merged with KUKA, reported revenue of CNY7.53 billion.

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Keywords: Midea Group, Financial Performance, KUKA, TLSC, Appliances, Robot