CHINA: Lianhua sees H1 profits rise
By Katie Smith | 18 August 2011
Chinese retailer Lianhua Supermarket Holdings has seen half-year profits rise on the back of higher sales.
The Hong Kong-listed firm, which runs over 5,230 stores in China, recorded a net profit of CNY392m (US$61.4m) for the six months to the end of June, up 20% from the same period last year. Operating profit jumped 22.4% to reach CNY490.1m for the first half of the year.
Lianhua said this "remarkable performance" was mainly due to "continuous improvement in operation, enhancement in consolidation and efficiency, and centralised management of funds."
The group's turnover reached CNY14bn, up 7.8%. Lianhua opened 206 stores during the first half of the year but said same-store sales increased by 8.6% year-on-year.
Same-store sales at Lianhua's hypermarket business grew by 9.6% and at its supermarkets were up 7.2%. The retailer's convenience stores saw same-store sales increase 5.7%.
Sectors: Emerging markets, Financials, Retail
Companies: Lianhua Supermarket Holdings
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