Qingdao Haier Co., Ltd., a leading Chinese household electric appliance producer, announced October 22 its net profit in the third quarter gained 48.88 percent to 300.7 million yuan, compared with 201.9 million yuan during the same time last year.
The quarterly report released Thursday also disclosed its January-September net profit, which would be distributed to Shandong-based-company shareholders, increased 28.7 percent to 966.4 million yuan, compared with 751.0 million yuan in the same period a year earlier.
The increased profits were due to a reduced inventory, optimized quality of receivables and improved assets with the loss of write-downs declining 91.65 percent against the previous year’s loss, suggested the report.
