GOME Electrical Appliances Holdings Ltd, China mainland's biggest electronics retailer, said first-quarter profit surged 75 percent as economic growth sparked sales growth and supported new stores.

Unaudited net income rose to 169.2 million yuan (US$22 million) from 96.6 million yuan a year earlier, according to a statement to the Hong Kong stock exchange yesterday. Sales increased 80 percent to 10.1 billion yuan.

The Beijing-based retailer, held by mainland's richest man, Huang Guangyu, is benefiting as retail sales jumped 15 percent in March in China. Gome is looking to raise funds to fuel further expansion amid keen competition from foreign investors.

Gome bought Shanghai-based China Paradise Electronics Retail Ltd for US$675 million last year, stepping up consolidation in a market with more than 30,000 appliance retailers.

"The addition of China Paradise stores is driving earnings growth, coupled with China's economic expansion," Yang Lei, a Shanghai-based analyst at ABN Amro Holding NV, told Bloomberg News before the results announcement.

Source:佚名