Suning Appliance reports soaring net profit in 2010
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Suning Appliance Co., China's biggest home appliance retailer by market value, witnessed a 38.82 percent year-on-year net profit jump in 2010.
In its annual business report filed to the Shenzhen Stock Exchange Wednesday, the Nanjing-based company said its net profit hit 4.01 billion yuan (about 610 million U.S. dollars) last year.
Suning's operating revenue increased 29.51 percent from the previous year to 75.51 billion yuan, while earnings per share stood at 0.57 yuan, up 32.56 percent from a year earlier.
The company attributed its profit surge mainly to the country's efforts in boosting domestic demand and "trade-in" policies for purchase of home appliances.
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