Profits of Chinese home appliance industry decline

(MENAFN)

Official data showed that the home appliance sector in China reported a decline in its profits in the starting four months of the current year over effects of the coronavirus outbreak.

The data, which was released by the Chinese Ministry of Industry and Information Technology, showed that the total profits of the industry came in at USD3.2 billion in the starting 4 months of the current year, representing a decline of 24.7 percent compared to a year earlier.

The revenue of the sector posted a drop of 20.5 percent compared to the same period a year earlier to set at a total of USD50.89 billion.

The sector has sold a total of 20.53 million refrigerators sold in the cited period, representing a drop of 16.5 percent compared to a year ago, the air conditioners and washing machines sales dropped 24.8 and 11.1 percent as well respectively.

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