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Struggling retailer Gome Electrical Appliances Holding Ltd. was back in the black during the first half of the year， amid a restructuring plan by the brick-and-mortar retailer to expand its ecommerce business.
The Chinese company， which is backed by private equity firm Bain Capital， said in an unaudited earnings flash on August 28 that it posted a 322 million yuan （$52.25 million） profit in the January-June period， as costs went down and its margin widened.
The company said that a fierce price war waged by online retailers， including jd.com， cost it 607 million yuan （$99.18 million） in the first half. Last year was the first time that Gome lost money， after it went public nine years ago.
The turnaround comes after it shut lowperformance stores， cut costs and started a plan to go digital. Gome plans to build up its ecommerce business and create synergies with its brick-and-mortar stores.
A New No.1
Evergrande Real Estate Group Ltd. replaced China Vanke Co. Ltd. in the first half of this year to become the country’s largest property developer by sales value.
The Guangzhou-based company’s revenue rose 13.3 percent to 42 billion yuan （$6.86 billion） in the first six months. Its net profit rose 15.8 percent to hit 6.5 billion yuan （$1.06 billion）， about 1.4 times that of Vanke.
Vanke has long been the country’s largest developer by sales.
Evergrande’s earnings rose after the company raised prices in April and sold the most properties， by area， among Chinese developers in the first half of the year， according to China Real Estate Information Corp.
The Chinese company， which is backed by private equity firm Bain Capital， said in an unaudited earnings flash on August 28 that it posted a 322 million yuan （$52.25 million） profit in the January-June period， as costs went down and its margin widened.
The company said that a fierce price war waged by online retailers， including jd.com， cost it 607 million yuan （$99.18 million） in the first half. Last year was the first time that Gome lost money， after it went public nine years ago.
The turnaround comes after it shut lowperformance stores， cut costs and started a plan to go digital. Gome plans to build up its ecommerce business and create synergies with its brick-and-mortar stores.
A New No.1
Evergrande Real Estate Group Ltd. replaced China Vanke Co. Ltd. in the first half of this year to become the country’s largest property developer by sales value.
The Guangzhou-based company’s revenue rose 13.3 percent to 42 billion yuan （$6.86 billion） in the first six months. Its net profit rose 15.8 percent to hit 6.5 billion yuan （$1.06 billion）， about 1.4 times that of Vanke.
Vanke has long been the country’s largest developer by sales.
Evergrande’s earnings rose after the company raised prices in April and sold the most properties， by area， among Chinese developers in the first half of the year， according to China Real Estate Information Corp.