Midea net profit down 8.3% in H1

GUANGZHOU - 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 ($2 billion) 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.