Suning posts bigger drop in net profit
By Ding Yining |
March 1, 2013, Friday
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Print Edition
Print Edition
CHINA'S largest home appliance retailer Suning Appliance Co underperformed the stock market yesterday after it posted a surprisingly larger drop in net profit last year.
Shenzhen-listed Suning shed 0.61 percent in morning trading yesterday before it closed 1.22 percent up at 6.63 yuan, after saying net profit plunged 44 percent from a year ago to 2.68 billion yuan (US$426 million). Suning blamed the drop to slower sales growth and competition posed by strong e-commerce rivals.
The Shenzhen Component Index advanced 3.3 percent.
Although Suning's 2012 revenue rose 4.78 percent, it was a sharp slowdown from the 24-percent jump in 2011, the retailer said in a stock exchange filing.
Suning said that same-store sales last year fell 12.38 percent from a year earlier due to a slowing macro-economy and the expiration of several incentive measures designed to encourage home appliance buying.
The retailer has been shifting focus to its Yigou online shopping site whose sales hit 18.3 billion yuan, more than tripling the size from a year ago.
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