Suning reports soaring net profit in 2010

BEIJING - Suning Appliance Co, China's biggest home appliance retailer by market value, witnessed a 38.82 percent year-on-year net profit jump in 2010.

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In its annual business report filed to the Shenzhen Stock Exchange Wednesday, the Nanjing-based company said its net profit hit 4.01 billion yuan ($610 million) last year.

Suning's operating revenue increased 29.51 percent from the previous year to 75.51 billion yuan, while earnings per share stood at 0.57 yuan, up 32.56 percent from a year earlier.

The company attributed its profit surge mainly to the country's efforts in boosting domestic demand and "trade-in" policies for purchase of home appliances.