China's appliance giant Suning net profit up 15% in Q3
Chinese home appliance giant Suning Appliance Co. said Saturday (2009-10-30) that its net profit rose 15.38 percent year on year in the third quarter of this year thanks to the country's policies to boost domestic demand and recovery in consumer confidence.
The company said its net profit for the third quarter was 704.82 million yuan (103.19 million U.S. dollars), adding its net profit for the first nine months up to 1.97 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.
