Chinese electronics and home appliances retailer Suning has published its performance 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 stated its operation in the first half 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, increasing by 28.47% from the end of 2008.
The company steadily promoted its chain network distribution in the first half of 2009 and opened 75 new chain stores. Meanwhile, based on the market situation, the company enhanced its store evaluation and further optimized its store structure by closing and replacing 40 stores. By the end of June 2009, Suning owned 847 chain stores in 187 Chinese cities.