Gome Retail Narrows Interim Loss To RMB310 Million

Gome Retail Holdings (00493) said its interim loss narrowed to RMB310 million for the six months ended June 30 from RMB1.3 billion a year earlier, with no interim dividend declared. ETNet reported that revenue fell 40.7% to RMB176 million, as some suppliers reduced deliveries and the sales environment remained weak. Gross profit rose to RMB206.62 million, while other income and gains jumped to RMB1.29 billion, mainly due to gains on disposal of subsidiaries. The company also booked RMB290 million in impairment losses on financial assets and RMB700 million in finance costs. As of June 30, the group had overdue interest-bearing bank and other borrowings with principal and net carrying amounts of RMB16.1 billion and RMB22.5 billion, respectively.