Chinese retailer Lianhua Supermarket Holdings has reported a 29% rise in 2003 net profit, boosted by higher revenue.

Lianhua posted net profit of CNY163.6m (US$19.8m) for the year to 31 December, compared to CNY126.6m in the previous year.

Revenue for 2003 was CNY9.28bn, compared to CHNY5.82bn for 2002, reported Dow Jones International News.

Lianhua’s chairman Wang Zong-nan said improvements in the economy and a sustainable and prosperous retail industry had contributed to a favourable environment for retailers in China.