China's Haier profit rises 12.6 pct in first 9 months

China's leading home appliance maker Haier said on Saturday its net profit increased 12.6 percent in the first three quarters this year mainly thanks to its expanding market.

In the first nine months, Haier raked in 3.5 billion yuan (516.5 million U.S. dollars) of net profit on the back of 18.8-percent growth in business revenues, which stood at 84.3 billion yuan, according to a statement the company filed to the Shanghai Stock Exchange.

All the company's major products including refrigerators, washing machines, air conditioners and water heaters saw their market share grow during the period, Haier said.

Its refrigerators and washing machines both took over 27 percent of the whole market, said the Qingdao-based company, citing statistics compiled by China Market Monitor Company.

Haier experienced a brisk third quarter, during which the company's net profit rose 22 percent and business revenue surged over 50 percent.

The company attributed the performance mainly to the adjustment of its product structure, improvement in operating efficiency and contribution made by GE Appliances which Haier acquired earlier this year. Endi