ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more