China's Suning Reports Soaring Net Profit in 2009

Suning Appliance Co. Ltd., an electronics retailing giant in China, Tuesday reported that its net profit in 2009 reached 2.89 billion yuan (423.6 million U.S. dollars), up 33.17 percent year on year.

In its annual business report filed to the Shenzhen Stock Exchange, the Nanjing-based company said its earnings per share stood at 0.64 yuan, up 30.61 percent from the previous year.

The company attributed the surge in net profit mainly to its expansion in chain shops, which reached 22 more cities with 182 new outlets opening last year.

Shares of Suning closed higher at 18.13 yuan per share, up 1.69 percent compared to the previous close on the profit jump report.