COPENHAGEN, Aug. 14 (Xinhua) -- Danish industrial giant Danfoss reported a 21 percent growth in operating profit for the first half of 2018 here on Tuesday.
Operating profit for the first half-year 2018 stood at 370 million euros, increased by 64 million euros from 306 million euros for the same period last year, the company said in a financial statement.
Net sales for the first six months of 2018 grew by 4 percent to 3.041 billion euros, year-on-year.
Danfoss said the positive development in earnings was driven by the higher top line and the gain from the divestment of the heat pump business Thermia.
"We have maintained strong momentum across our business segments," said Danfoss president and CEO Kim Fausing. "Our solutions are relevant to several strong global mega trends, such as urbanization and the fight against climate change, which are driving a growing demand for energy efficiency and smarter digital solutions."
He added the transition of the global energy supply to greener energy is driving another trend towards electrification.
While the company reported significant growth in China across all the business segments, driven by increasing demand for climate-friendly and energy-efficient solutions, it is also experiencing a continued strong demand on its two largest markets, North America and Europe.
As such, Danfoss maintained its full-year outlook for 2018, expecting to maintain or expand its market share.
It also expects to maintain "the profitability measured as margin at 2017 level, following significant investments in digitalization."
