Gome Jan-Sept net profit up 49%

Home electronics retailer Gome Electrical Appliances (0493.HK) booked a 49% rise in net profit to US$217 million over the first three quarters thanks to a jump in sales, Bloomberg reported. Revenue for the period increased 19% to US$5.61 billion, with same-store sales up 21.5%, Gome said. Analysts said they expect Gome’s sales to continue to rise due to robust demand for home electronics and domestic appliances. Company shareholders had earlier rejected jailed former chairman Huang Guangyu’s plans to remove Chen Xiao as chairman of the board. Huang is serving a 14-year prison sentence in Beijing after being convicted of bribery and insider trading. Huang remains Gome’s largest shareholder.