(Yicai Global) April 30 -- Midea Group, one of China’s top home appliance makers, reported a 21.5 percent decrease in its first quarter profit to CNY4.8 billion (USD681 million) due to the Covid-19 pandemic.

The Wuxi-based firm’s revenue in the first quarter also decreased by 22.9 percent to CNY58 billion, the firm said in a statement today.

“Our performance may be affected by the pandemic this year if the virus continues to spread,” the company added.

Its net profit rose 19.7 percent to CNY24.2 billion last year, with revenue growing 6.7 percent to CNY279.4 billion from 2018, according to its annual report published the same day.

Editor: James Boynton