Gome interim profit hits RMB 395 million

China's largest retail chain of home electrical appliances, Gome Electrical Appliances Holdings<493>, yesterday posted a 14.5% increase in interim net profits.

The company recorded RMB 395 million in net profit for the first half ended Jun. 30 of this year, compared with RMB 345 million in the corresponding period last year. Operating profit rose 106.47% to RMB 894 million.

Revenue soared 74% to RMB 21 billion in the first half. Earnings per share fell RMB 0.06 to RMB 0.13.

The company declared an interim dividend of RMB 0.078 per share.

Gome now has 654 outlets in 168 mainland cities, and it plans to enter seven to ten cities in the second half, as part of the company's goal to increase its market share to 20% in five years, according to the vice president Chen Xiao.

The company's shares in Hong Kong Stock Exchange went up 4.91% to close at HK$11.96 yesterday.