GOME Electrical Appliances Holding Ltd is an electrical appliance retailer in China and Hong Kong founded by Wong Kwong Yu in 1987, adopting the “Gome” brand name in 1993. It listed in Hong Kong in 2004, and in 2008 police revealed that Wong was being investigated for stock manipulation. He resigned in early 2009 and was sentenced to 14 years in prison.
GOME expects interim profit on back of strong Q2
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.