BEIJING, Jan. 27 (Xinhua) -- Chinese home appliance giant Haier reported its fastest revenue and profit growth in recent years in 2017, thanks to steady domestic and overseas expansion.
Haier raked in 241.9 billion yuan (37.86 billion U.S. dollars) in revenue last year, up 20 percent year on year, while its profit surged 41 percent, according to Li Hua, Haier vice president.
Revenue from the domestic market rose more than 25 percent, led by growing market share of its high-end brand Casarte.
Li Hua attributed Casarte's 40-percent-plus revenue growth to its quality and design, underpinned by Haier's acquisitions of overseas home appliance giants.
Haier has bought U.S. counterpart GE Appliances, Japan's Sanyo and New Zealand's Fisher & Paykel in the past few years to upgrade its overall industrial chain.
Earnings from overseas market accounted for about 40 percent of last year's total revenue and could grow to over 50 percent this year, according to Li.
Haier has 54 overseas factories and nine overseas R&D centers, offering about 20 million products each year.