Haier Net Profit Increases In China

Chinese home appliances maker Qingdao Haier published its semi-annual financial report for the first half of 2012, stating that its net profit increased by 21.26% year-on-year during the reporting period.

According to the report, Haier realized operating revenue of CNY40.47 billion from January to June 2012, a year-on-year increase of 6.31%; meanwhile, its net profit attributable to shareholders was CNY1.85 billion, a year-on-year increase of 21.26%. The company also reported that during the first half of 2012, its refrigerator market share by retail volume was 28.27%, an increase of 5.25% year-on-year; its washing machine market share was 31.34%, an increase of 5.44%; its air-conditioner market share was 13.34%, an increase of 2.89%; and its water heater market share was 20.48%, an increase of 1%.

By product, Haier's revenue from refrigerators was CNY13.88 billion, accounting for 34% of its total revenue; its revenue from air-conditioners was CNY9.18 billion, accounting for 23%; and its revenue from washing machines was CNY5.52 billion, accounting for 14%.

Haier said that the overall situation of the Chinese home appliances industry was affected by the global economic downturn and the advance overdraft of home appliances demands during the first half of 2012. However, the company still achieved growth in both operating revenue and profit.

In regards to its future development, Haier said that it will continue to establish its home appliances platform combining distribution, logistics and service. At the same time, it will further introduce mainstream brands which are popular in the third- and fourth-tier markets in China.