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Midea, Gree Electric post robust July-September profits

Air conditioners, acquisitions drive earnings growth

GUANGZHOU -- Major Chinese appliance makers Midea Group and Gree Electric Appliances each reported roughly a quarter jump in net profit for the July-September quarter thanks to brisk air conditioner sales.

Midea said Tuesday that net profit jumped 26.4% on the year to 4.18 billion yuan ($630 million) on a 60.9% sales surge to 62.4 billion yuan. In addition to air conditioners, such recent acquisitions as the purchase of Toshiba's white goods unit in June 2016 also boosted sales.

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