Net profit of Chinese service robot maker surges on strong sales

BEIJING - China's leading service robot producer Ecovacs Robotics said Saturday that its net profit surged in the first nine months of 2018, boosted by strong sales.

The company posted a net profit of 287.51 million yuan ($41.36 million) for January-September, up 33.85 percent from one year earlier, it said in a statement to the Shanghai Stock Exchange.

Its business revenue rose 28.2 percent to 3.75 billion yuan, lifted by a 45.8 percent surge in service robot sales.

Along with the rise in profit and revenue, the company's research and development (R&D) costs also increased. Its R&D investment in the first nine months climbed 68.16 percent to 150.24 million yuan.

The company, whose main products include floor sweeping and window cleaning robots, launched its initial public offering on the Shanghai Stock Exchange in May. Its shares edged up 0.06 percent to 35.48 yuan Friday, bucking a downward trend on the key Shanghai stock index.