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India, Europe sales help Xiaomi swing to net profit in Q3
Hong Kong, Nov 19 (IANS) Riding on its robust sales in India and Europe, China-based Xiaomi on Monday reported a 49.1 per cent increase in revenue for its third quarter of 2018 as net profit reached 2.48 billion yuan ($357.23 million).
International revenue grew 112.7 per cent on year in the quarter ended September, accounting for a higher percentage of total revenue.
“According to market research firm Canalys, our smartphone shipments for Western Europe grew 386 per cent year-on-year and we were ranked fourth in terms of smartphone shipments in the third quarter of 2018,” Xiaomi said in a statement.
“Our smartphone shipments for India and Indonesia grew 31 per cent and 337 per cent, respectively, helping us achieve the number-one market share position by shipments in India and catapulting us to number two in Indonesia,” the company added.
Xiaomi was ranked in the top five in the smartphone markets of 30 countries and regions in terms of shipments in the third quarter.
“The strategies to which Xiaomi adheres, such as strengthening the performance of the high-end market, accelerating the development of new retail channels and focusing on AI development and application, all yielded remarkable results,” said Lei Jun, Xiaomi Founder, Chairman and CEO.
Xiaomi’s smartphone division grew its revenue by 36.1 per cent and its Internet service division grew 85.5 per cent.
As of October 26, Xiaomi’s smartphone shipments exceeded 100 million units.
Revenue from the IoT and lifestyle products segment grew the fastest year-on-year by 89.8 per cent to 10.8 billion Yuan.
The revenue from its smart TV and laptop sales increased by 100.3 per cent to 4.2 billion Yuan.
In the third quarter, Xiaomi further enhanced its advantages in the global AI and IoT market.
Xiaomi is also focusing on building an efficient new retail system by continuously developing efficient offline channels while enhancing its online channels.
In India, Xiaomi, which is focusing on amplifying its product portfolio beyond smartphones, was all set to launch on Tuesday a new business which, according to the company, will “change rural retail in India”.
The company shipped 11.7 million units and became the top brand in the Indian market with 27.3 per cent share in the third quarter this year.
The company grew to a new high on the back of its successful Redmi 5A and Redmi Note 5 Pro series and refreshed Redmi 6/A/Pro portfolio.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.