Washing machine maker Little Swan sees revenue, profit surge in H1

BEIJING — Wuxi Little Swan Co Ltd, a major washing machine manufacturer in China, saw its revenue and net profit surge in the first half of 2017, partly due to innovation and higher quality.

Business revenue jumped 32.4 percent year-on-year to 10.57 billion yuan ($1.57 billion) in the first half this year, said a report the company filed to the Shenzhen Stock Exchange.

Net profits climbed 26 percent year-on-year to 730 million yuan, registering a gross profit rate of 25.6 percent, said the company.

Earnings per share was 1.16 yuan, up 26.09 percent year-on-year.

The company, based in East China's Jiangsu province, attributed its strong performance to the "deepening business transformation, strengthened R&D and innovation, higher quality, and growing overseas market."

China's official customs data showed that Little Swan exported more washing machines in both volume and value than any other Chinese washing machine maker in the first five months this year, said the report.

Little Swan said it would continue boosting spending on R&D, and focus more on smart manufacturing in the second half of 2017.

A-shares of the Shenzhen-listed company closed 0.85 percent up to 43.73 yuan Friday.