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Suning Appliance posts 20.13% profit growth for 2011

Mar. 1, 2012 (China Knowledge) - Suning Appliance Co Ltd<002024>, one of the largest electrical appliance retailers in China, reaped RMB 4.82 billion in net profit attributable to shareholders last year, up 20.13% from a year earlier.

In 2011, the Shenzhen-listed firm's operating revenue grew 24.35% year on year to RMB 93.89 billion. Diluted earnings per share were RMB 0.69.

For the fourth quarter of last year, the company's net profit attributable to shareholders increased 18% from a year earlier to nearly RMB 1.4 billion. Operating revenue for the quarter reached RMB 26.26 billion, up 23.86% year on year.

The Chinese electrical appliance giant had RMB 59.75 billion in total assets as of Dec. 31, 2011, whereas it had RMB 43.91 billion at the end of 2010, representing an increase of 36.07%.

At the end of last year, Suning Appliance had 1,724 outlets worldwide, including 1,684 units in mainland China, 30 units in Hong Kong and 10 units in Japan, sources reported.

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