FX.co ★ China’s Haier boosts 2017 revenue by 41%

In 2017, Chinese home appliance giant Haier generated more than 28 billion yuan, or $4.5 billion, in profit, up 41% year-on-year.

Haier’s annual revenue grew by 20% to 241.9 billion yuan.

Revenue from the domestic market rose by 25%, fueled by growing market share of its Casarte luxury brand, sales of which soared by more than 40%.

The rise in Casarte sales was due to its quality and design and Haier's acquisitions of large foreign makers of household appliances.

Over the past few years, Haier has bought US-based GE Appliances, Japan's Sanyo and New Zealand's Fisher & Paykel.

Earnings from overseas market accounted for about 40% of the total revenue. According to analysts, it could grow to more than 50% in 2018.