Chinese electronics retailer Suning has published its annual financial report for 2008, which reports its net profits increased by 48.09% year-on-year.
The report showed that Suning earned revenues of CNY49.897 billion in 2008, a year-on-year increase of 24.27%; its net profit was CNY2.17 billion, a year-on-year increase of 48.09%.
Suning said that although it was affected by the global financial crisis, and the growth rate of China's home appliances and electronics markets slowed down over the past year, it still maintained a stable growth by building of its core competitive advantages.
According to the detailed figures released by Suning, its net profit in the second quarter of 2008 was CNY670 million, this decreased to about CNY610 million in the third quarter, and further decreased to CNY468 million in the fourth quarter. This is the first time since it was listed that Suning had experienced a growth rate decline in two consecutive quarters.
The Suning board says that in 2009, the company plans to open 200 new chain stores around China while investigating the market and selecting a site in Hong Kong for its first outlet in the SAR.