China's Suning 2011 net profit up 20 pct

Suning Appliance Co., China's largest home appliance retailer by market value, said on Saturday its net profit in 2011 rose 20.16 percent year-on-year to reach 4.82 billion yuan (766 million U.S. dollars).

The growth last year was within expectation but the market outlook for home appliance industry in 2012 is not promising, the Nanjing-based company said in its annual report filed with the Shenzhen Stock Exchange.

The retailer's business revenue gained 24.35 percent from the previous year to 93.89 billion yuan, according to the report.

Its earnings per share last year stood at 0.689 yuan, up 20.16 percent from a year earlier.