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Suning Appliance's H1 profit down 29.5%

Jul. 31, 2012 (China Knowledge) - Suning Appliance Co Ltd<002024>, one of the largest electrical appliance retailers in China, announced yesterday that its net profit attributable to shareholders dropped 29.49% YoY to RMB 1.74 billion in the first six-month of 2012.

Basic earnings per share for the period were RMB 0.25.

In the first half of this year, the electrical appliance retailer's operation revenue hit RMB 47.19 billion, reflecting a YoY decreased of 6.69%.

The company said that, affected by the external economic environment, the comparable store sales declined 10.38% in the period. However, its online business surged 105.53% YoY to RMB 5.28 billion.

By the end of June 2012, Suning Appliance had a total of 1,728 stores, comprising 1,689 stores in mainland China, 28 stores in Hong Kong and 11 stores in Japan.

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