Nantong, Jiangsu – Memory foam mattress and pillow maker Healthcare Co, almost quadrupled its H1 2019 net profit compared with a year ago. It made CNY150m ($21m) in the first half of this year.
The company, which is also known by its main brand name Mlily, said revenue during the period jumped 23% to CNY1.6bn. Net profit less non-recurring items shot up by 149% to CNY137m. ‘Raw material prices have significantly dropped year-on-year,’ said the company’s financial report.
Selling mostly to the US and Europe markets, Healthcare Co. has two operational sites overseas in Spain and Serbia. Two more, one in Thailand and one in the US are in the pipeline.
Over the half year, its Spanish mattress plant upped its net profit by 74% to CNY11m; sales lifted by 22% to CNY113m.
The Serbian plant saw CNY384,000 net profit during the period, compared with CNY9m net loss in H1 2018. Sales grew by 144% to CNY146m.
The company has also expanded into Customer to Manufacturer business, or C2M. This means consumers can make customised orders online for delivery within five days, said the report.