Nantong, Jiangsu – Revenues at Chinese mattress maker Mlily, also known as Healthcare Co, shot up by 72% year-on-year over the first nine months of 2020 to CNY4.5bn ($671m). Net profit climbed 33% to CNY346m.
Net profit less non-recurring items rose by 26% from a year ago to CNY338m, according to the company’s third quarter report, released in October.
Revenues in Q3 alone more than doubled from a year ago, to CNY2.1bn. Net profit during the period surged 73% to CNY191m.
The company attributes the increased revenue to a growth in sales volume brought by expanded clientele and markets, as well as newly acquired subsidiary.
It started up its first US plant, in Winnsboro, South Carolina, in December 2019, and completed the acquisition of US furniture retailer Mor Furniture For Less in February. It is also leasing land for a site in Arizona.
Mlily’s net assets as of the end of September also jumped, by 20% to CNY2.8bn. Total assets increased by 40% to CNY6.5bn.
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