BRIEF: Midea Group posts rising profit and revenue in third quarter

Home appliance manufacturer  Midea Group Co. Ltd. (0300.HK, 000333.SZ)  said  on Wednesday that it’s revenue climbed 10% year-on-year to 111.9 billion yuan ($15.76 billion) in the third quarter, with net profit attributable to shareholders increasing 9% to 11.87 billion yuan.

The company reported cumulative revenue reached 363.1 billion yuan for the first three quarters of the year, reflecting a 13.8% year-over-year gain, while profit swelled 22.3% to 37.14 billion yuan.

It’s revenue streams from three emerging divisions — new energy and industrial technologies, smart building solutions, and robotics and automation — generated 30.6 billion yuan, 28.1 billion yuan, and 22.6 billion yuan respectively during the period. These segments logged year-over-year surges of 21%, 25%, and 9%.

Shares of Midea opened up 0.06% at HK$81.75 on Thursday. The stock is up 9% since the beginning of the year.

By Lau Chi Hang

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