November 28, 2018 / 10:20 AM / 6 months ago

GOME Retail posts 9-month loss, says to redeem all domestic bonds

HONG KONG, Nov 28 (Reuters) - GOME Retail Holdings Ltd , one of China’s biggest home appliances retailers, posted a loss of 445.6 million yuan ($64.1 million) for the January-September period on Wednesday amid high finance costs and implementation of a strategic transformation plan.

The retail chain earlier this month warned of a nine-month loss of between 400 million and 500 million yuan amid a strategic transformation plan, and said it would speed up expansion into the lower-tier cities.

It earned 220.1 million yuan in the year-ago period.

Revenue fell 11.2 percent year-on-year to 50.99 billion yuan. Consolidated gross profit margin increased 1.01 percentage points to 18.06 percent.

GOME also said it would redeem all its outstanding 4 billion yuan worth of domestic bonds in December, and it would not have any domestic bonds outstanding on completion of redemption.

Last month, bigger rival Suning.Com Co Ltd posted an 812.1 percent jump in nine-month profit and expected its full-year net profit to rise 80-90 percent. ($1 = 6.9527 Chinese yuan) (Reporting by Donny Kwok; Editing by Gopakumar Warrier)

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