Oct. 24, 2012 (China Knowledge) - GOME Electrical Appliances Holding Ltd<0493
>, one of the major home appliance retailers in China, has announced it will suffer a net loss of between RMB 600 and RMB 700 million in the first nine months of this year.
The home appliance retailers said in a statement that the net loss was mainly due to decreasing sales and higher labor and rent costs.
In the first half of this year, the Hong Kong listed
company suffered a net loss of RMB 501 million, compared with a net profit of RMB 1.25 billion it realized in the first half of 2011.
GOME Electrical Appliances also expected its profitability for the third quarter of this year will be improved than in the second quarter of this year.