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GOME Electrical Appliances swings to loss in H1

Sep. 3, 2012 (China Knowledge) - GOME Electrical Appliances Holding Ltd<0493>, one of the major home appliance retailers in China, had incurred RMB 501 million or about US$78.9 million in net loss in the first half of this year, compared with a net profit of RMB 1.25 billion it realized in the corresponding period of 2011.

Basic loss per share for the period was RMB 0.03, while its basic earnings per share for the first half of last year were RMB 0.07. No dividend was declared.

According to a statement filed with Hong Kong Stock Exchange, revenue for the six-month period decreased 22.4% YoY to RMB 23.13 billion.

In the first six months of 2012, the appliance retailer's gross margin was 16.37%, 1.97 percentage points lower than in the corresponding period of last year.

As of the end of Jun 30, 2012, the company had a total of 1,740 outlets in mainland China.

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