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GOME Electrical Appliances' 2011 net profit down 6.2%

Mar. 28, 2012 (China Knowledge) - GOME Electrical Appliances Holding Ltd<0493>, one of the major home appliance retailers in China, announced yesterday that its net profit fell 6.22% year on year to RMB 1.84 billion last year, due to increases in operating costs and management fees amid expansion in the second- and third-tier cities in mainland China.

The company's revenue rose 17.5% year on year to RMB 59.82 billion in 2011, and its gross profit margin increased by 1 percentage point to 12.63% in the period.

The Hong Kong-listed company opened 282 stores and shut down 29 poor-performance outlets last year, bringing its number of outlets to a total of 1,079 at the end of 2011.

Major rival Suning Appliance Co Ltd<002024> said late last year that it expected its net profit to jump 20.13% year on year to RMB 4.82 billion and its operating revenue to grow 24.35% to RMB 93.89 billion last year. The company is due to release its annual report on Mar. 31.

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