Midea net profit down 8.3 pct in H1

Midea Group, a leading Chinese home appliance manufacturer, reported declines in both revenue and net profit in the first half of 2020 (H1) as the COVID-19 epidemic hit its business.

Net profit attributable to its shareholders totaled 13.9 billion yuan (about 2 billion U.S. dollars) in the January-June period, down 8.29 percent year on year, Midea said in its interim financial report filed with the Shenzhen Stock Exchange.

During the six months, the company generated total revenue of 139.7 billion yuan, a year-on-year decrease of 9.47 percent, according to the interim report.

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