Midea's net profit surges in H1

BEIJING - Midea Group, China's largest home appliance producer by market value, saw its net profit soar by 58.18 percent year on year in the first half of 2014.

Net profit attributable to the company's shareholders stood at 6.61 billion yuan ($1.07 billion), according to the semi-annual report it filed to the Shenzhen Stock Exchange on Sunday.

The company attributed the strong growth during the period to continuous optimization of product structure, implementation of a smart home furnishing strategy, as well as its emphasis on the e-commerce business.

Its total operating revenues rose 17.28 percent to 77.33 billion yuan in the first half, while total assets surged 21.81 percent to 118.09 billion yuan, the report showed.

Earnings per share rose 48.11 percent to 1.57 yuan, the report said.

The company's shares rose 0.92 percent to 22 yuan on Friday.

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