GOME expects interim profit on back of strong Q2

PUBLISHED : Friday, 19 July, 2013, 12:16pm
UPDATED : Friday, 19 July, 2013, 12:16pm

GOME Electrial Appliances , backed by private equity firm Bain Capital, said on Friday profitability has significantly improved and it expects to swing into profit in the first half of the year from losses a year ago.

The company said in a filing to the Hong Kong exchange that this was largely due to increased sales and its joint venture partner shouldering 40 per cent of the losses incurred by its e-commerce business.

GOME, China’s second-largest electrical appliance retailer, said profits in the second quarter doubled from the first quarter this year.