Qingdao Haier Co Ltd, a leading Chinese household electric appliance producer, announced Thursday evening that its net profit in the third quarter rose 48.88 percent year-on-year to 300.7 million yuan ($44.03 million).

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Its net profit in the first three quarters increased 28.7 percent from a year earlier to 966.4 million yuan, the firm said in a statement to the Shanghai Stock Exchange.

The eastern Shandong province-based company attributed the net profit hike to reduced inventory and improved assets quality.

Equities of the Shanghai-listed firm added 1.28 percent to 18.17 yuan per share Thursday.