ZCZC
BCN-15
CHINA-RETAILER-WANGFUJING-EARNING
China’s Wangfujing H1 net profit surges on stable economic growth
BEIJING, Aug. 26, 2018 (BSS/Xinhua) – China’s department store retailer
Wangfujing Group Co. has said its H1 net profit more than doubled from a year
earlier, supported by stable economic growth.
The company’s H1 net profit surged 145.42 percent to 756 million yuan
(about 109.57 million U.S. dollars), it said in a financial report to
Shanghai Stock Exchange.
Earnings per share also rose significantly during the period, up 145.34
percent to 0.97 yuan.
Wangfujing attributed the profit growth to an improving retail market,
boosted by the country’s stable economic growth and the company’s efforts to
cut operating costs.
The company’s operation revenue climbed 3.04 percent year-on-year to 13.2
billion yuan during the January-June period.
By region, Wangfujing saw revenue growth in the country’s northeastern,
southwestern and northwestern regions, while performance declined in
northern, eastern and southern provinces. Northeastern provinces led the
revenue growth with a 14.78-percent increase from the same period last year,
while eastern regions suffered the largest decrease of 11.59 percent.
Its share price rose 0.67 percent to 16.42 yuan Friday.
BSS/XINHUA/HR/1225