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GOME expects net loss in H1

Jul. 25, 2012 (China Knowledge) - GOME Electrical Appliances Holding Ltd<0493>, one of the major home appliance retailers in China, announced yesterday that it expects its net profit for the first half of this year will swing to loss.

The home appliance retailers said that the net loss was mainly due to the decline in sales revenue and the losses incurred for its E-commerce business.

From January to June 2011, the company realized RMB 1.25 billion in net profit, reflecting a YoY increase of 30.1%.

In earlier this month, Suning Appliance Co Ltd<002024>, one of GOME's main rivals in China, could see its net profit to fall between 20% and 30% in the first half of this year, China Knowledge reported earlier.

In the first quarter of this year, GOME saw its operation revenue decreased 28.62% YoY to RMB 9.76 billion, while net profit attributable to shareholders plunged 87.97% YoY to RMB 67.39 million.

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