Suning profits slump

Consumer electronics and home appliances retailer Suning Appliance Co Ltd has seen a profit slump in the first half year, largely due to fierce e-commerce competition and a lack of stimulating policies.

The company's net profits reached 1.74 billion yuan, a drop of 29.49 percent from the same period last year, according to Suning.

Its revenue recorded 47.1 billion yuan, a growth of 6.69 percent from that of 2011.

Its online business to Consumer (B2C) sectors - the Suning.com - has grown 105.5 percent to record 5.2 billion yuan in revenue compared to the same period last year.

The company said the branding and promotion campaign through TV, Internet and outdoor advertisements effectively upgraded its online business competitiveness and brand credit.

Suning said it will continue to balance the development of online and offline businesses.

Suning has 1,728 stores on the Chinese mainland, and in Hong Kong and Japan.