Despite revenue growth, Haier Smart Home, a subsidiary of Chinese home appliance giant Haier Group, reported a drop in net profit in the first three quarters of 2020.
During the nine-month period, Haier Smart Home saw its net profit fall 17.2% year-on-year to 6.3 billion yuan ($940 million) as its revenue increased year-on-year by 2.8% to 154 billion yuan, the company said in a stock filing on Friday.
The Shanghai-listed company mainly sells white goods ranging from refrigerators to kitchen appliances globally with washing machines being its bestselling products in its home China market for the first three quarters.
During the period between January and September, the market shares of Haier-branded washing machines sold through online and offline retailing channels in China rose to 39.4% and 39.9% respectively, the filing showed
Haier Smart Home also performed well overseas, breaking into the list of the top five online home appliance sellers in Australia, according to the filing, which did not provide the company’s specific sales figures for the country.
Contact reporter Ding Yi (email@example.com)