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Gome reports first fall in annual net profit

GOME, China's largest consumer electronics retailer in terms of number of stores, announced its net profit for 2008 fell by seven percent from a year earlier, the first ever since listing.

The company did not say when it will resume trading, according to today's Shanghai Securities News.

The company has suspended trading for five months due to the investigation of Gome's founder Huang Guangyu who was in police custody for alleged illegal share trading.

Company executives attributed the profit decline to the sluggish electronics market in the country due to the financial crisis, and more importantly, to the ongoing investigation on Huang Guangyu.

As Gome's 2008 financial report showed, the company posted a profit of 1.05 billion yuan last year, falling from 1.13 billion yuan in 2007, on sales of 45.9 billion yuan.


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