China's home appliances maker Midea Group expects to report a fast growth of net profit for last year, it said in a statement Tuesday.
The net profit for 2018 is expected to stand at between 19.8 billion yuan (about 2.9 billion U.S. dollars) and 20.8 billion yuan, up by 15 percent to 20 percent year on year.
Midea Group attributed the growth to an upgrade in product structure. "The company followed the consumption upgrade trend of the industry and increased the proportion of medium-high end products, which contributed to improving profitability," it said in the unaudited statement.
Founded in 1968, the technologies group plays a leading role in areas including consumer appliances, robotics and industrial automation systems.
The company's shares, listed on the Shenzhen Stock Exchange, opened at 39.5 yuan Tuesday, up 0.13 percent.
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