HONG KONG, March 25 GOME Electrical Appliances
Holding, backed by private equity firm Bain Capital,
posted a 596.6 million yuan loss in 2012, its first yearly loss
since listing in 2004, as slower economic growth, rising costs
and losses in its e-commerce business took a toll.
The result compared to a 1.84 billion yuan profit in 2011,
and market forecasts for a 544.2 million yuan loss, according to
Thomson Reuters I/B/E/S.
GOME is trying to keep pace with its biggest rival Suning
Appliance Co Ltd, but is still in the investment
stage of developing an online business.
GOME, China's second-largest home appliance retailer behind
Suning Appliance Co Ltd, recorded a 90.1 million
yuan profit for the fourth quarter of 2012 missing market
expectations of 142.5 million yuan profit.
It had posted a 686.7 million yuan loss for the first nine
months of 2012.
The company's shares fell 2.3 percent on Monday before the
earnings were announced. Its shares halved in value last year,
lagging a 2.3 percent drop in the benchmark Hong Kong index
(Reporting by Donny Kwok; Editing by Jeremy Laurence)