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Xiaomi Turns Profit on Sales of IPhone-Beating Handset

Xiaomi Corp., the smartphone maker that outsells Apple Inc. in China, has turned profitable for the first time as market-share gains put the company on pace to almost triple handset sales this year.

Sales in the first half more than doubled to 13.2 billion yuan ($2.16 billion), and may rise to 28 billion yuan for the full year, from 12.6 billion yuan for all of last year, President Bin Lin said in an interview at the company’s headquarters in Beijing yesterday. Handset sales may jump to 20 million units, from 7.19 million last year, he said. He didn’t supply a figure for profit.