SUNING Appliance Co, the second-biggest home-appliance chain in China, said yesterday net income jumped 110.63 percent to 578.37 million yuan (US$76.66 million) in the first half of this year.
Sales increased 60.58 percent to 18.98 billion yuan during the period, according to its statement posted on the Shenzhen Stock Exchange. The Nanjing-based retailer opened 71 stores in the first six months, sending its store numbers to 413 nationwide. The retailer expects net profit to climb by 70 percent to 100 percent in the first three quarters of this year.
China's home appliance market will reach 730 billion yuan by the end of this year, up 12 percent from a year earlier, it said in the statement. Suning's shares rose 3.17 percent yesterday to 65.51 yuan in Shenzhen, posting a gain of 188.59 percent since the start of this year.