Economy

GOME's net profit up 39% in 2010

(Xinhua)
Updated: 2011-03-28 22:34

Gome's new Chairman Zhang Dazhong attends a news conference announcing the company's results in Hong Kong March 28, 2011. [Photo/Agencies]

HONG KONG - Chinese electrical appliance giant GOME said Monday its 2010 net profit rose 39 percent year-on-year, as it opened 139 new stores.

According to its final results, GOME's profit attributable to shareholders of the parent company increased from 1.41 billion yuan ($215 million) to 1.96 billion yuan.

Related readings:  Gome shares on the rise after new chairman is appointed  Gome chairman resigns  Zhang Dazhong likely to head Gome's board: report  Brand crisis behind the dispute of GOME

The Hong Kong-listed company's revenue for last year amounted to 50.91 billion yuan, representing a year-on-year increase of 19.32 percent.

Consolidated gross profit margin rose from 17.32 percent to 18.39 percent.

Basic earnings per share were 0.127 yuan, up 23.3 percent from 0.103 yuan last year.

The board has resolved to declare payment of a final dividend of 3.5 fen per share.

"We had another vibrant year in 2010, despite earlier challenges," said GOME's president Wang Junzhou.

"In 2011, our five-year strategic plan will commence a rapid and rational store network expansion drive, while maintaining industry leadership to further optimize network of stories in first-tier markets and vigorously pursue burgeoning opportunities in second-tier markets," said Wang. (One US dollar equals 6.56 yuan)