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Suning's net profit up 15% in Q3

(Xinhua)
Updated: 2009-11-02 16:06

Chinese home appliance giant Suning Appliance Co said over the weekend its net profit rose 15.38 percent year-on-year in the third quarter of this year thanks to the government's policies to boost domestic demand and recovery in consumer confidence.

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Suning said its net profit for the third quarter was 704.8 million yuan ($103.2 million). Sales for July-September rose 8.02 percent to 14.24 billion yuan.

Sales for the July-September period increased 8.02 percent to 14.24 billion yuan, the company said in its quarterly report to the Shenzhen Stock Exchange.

Suning expected a substantial growth in the fourth-quarter sales because of a lower comparison basis in the fourth quarter last year and further improvement in demand.

At the end of September, the home appliance giant owned 885 outlets in 193 cities nationwide.