China’s Haier prof­its rise 20pc in 2015

The Pak Banker - - COMPANIES/BOSS -

China's lead­ing home ap­pli­ance maker Haier said its prof­its jumped 20 per­cent yearon-year to 18 bil­lion yuan ($2.7 bil­lion) in 2015, de­spite fall­ing global sales.

Haier's global sales reached 188.7 bil­lion yuan last year, down six per­cent year-on-year, due to global eco­nomic down­turn and busi­ness ad­just­ment of the com­pany, said Zhou Yun­jie, ro­tat­ing pres­i­dent of Haier, in the com­pany's an­nual meet­ing on Satur­day. Haier is dis­man­tling its tra­di­tional cor­po­rate struc­ture in fa­vor of build­ing an open plat­form where peo­ple can bring in their own ideas and re­sources to de­velop new prod­ucts and ser­vices, said Zhang Ruimin, chair­man of Haier.

Over the past decade, Haier got rid of 20,000 middle man­agers, hop­ing to trans­form into an in­cu­ba­tor for in­no­va­tors, ac­cord­ing to Zhang. Haier ac­counts for over 10 per­cent of world­wide home ap­pli­ance sales, ac­cord­ing to a 2014 sur­vey by Euromon­i­tor. Ear­lier this month, the com­pany an­nounced its pur­chase of US con­glom­er­ate GE's ap­pli­ances busi­ness.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.