Chinese electronics retailer Suning has announced that its revenue in 2009 increased by 16.84% year-on-year to CNY58.3 billion, while its net profit increased by 32.79% year-on-year to CNY2.881 billion.
At the same time, the company made total profit of CNY3.916 billion, a year-on-year increase of 32.73%; its profit per share was CNY0.64, a year-on-year increase of 30.61%; and its net asset per share was CNY3.12, a year-on-year increase of 6.48%.
In 2009, Suning reportedly opened 182 retail chain stores in 22 cities across China and closed 53 stores. By the end of 2009, the company had 941 stores in more than 200 cities in China.
Prior to this, Suning predicted that there will be a sharp price increase in the Chinese air-conditioner market in 2010. Increasing costs and shrinking subsidies are expected to push prices up by around 10%.