Suning Posts Net Profit Of CNY1.262 Billion For H1 2009

Chinese home appliances retailer Suning has published its financial report for the first half of 2009, stating that its net profit increased by 14.65% year-on-year to CNY1.262 billion.

The company said its operation in the first half of 2009 was good and was not affected by the economic slowdown. Its revenue during the period was CNY27.333 billion, an increase of 5.46% compared with the same period of last year. Sales from its major businesses were CNY26.692 billion, a year-on-year increase of 6.16%; the company's operating profit was CNY1.702 billion, a year-on-year increase of 12.91%; its net profit was CNY1.262 billion, a year-on-year increase of 14.65%; and its profit per share was CNY0.28, an increase of 12% compared with the CNY0.25 in the same period of 2008.

In addition, by June 30, 2009, the total assets of Suning had reached CNY27.774 billion, up by 28.47% from the end of 2008.

Suning said the company steadily promoted its network distribution chain in the first half of 2009 and opened 75 new stores. Meanwhile, based on the market situation, the company enhanced has its store evaluation procedures and further optimized its store structure by closing and replacing 40 stores. At the end of June 2009, Suning owned 847 stores in 187 Chinese cities.