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Furniture industry leader reports 5.77 pct profit rise

2019-03-05 Tag: Suofeiya

BEIJING, March 5 (Xinhua) -- Suofeiya Home Collection Co., one of China's biggest customized furniture company, said Tuesday that its net profits rose 5.77 percent year-on-year to 959.07 million yuan (143.14 million U.S. dollars) last year.

 

Suofeiya,Furniture industry leader reports 5.77 pct profit rise

 

Revenues jumped to 7.31 billion yuan, up 18.67 percent from one year earlier. Earnings per share stood at 1.04 yuan, according to a statement the company filed to the Shanghai Stock Exchange.

 

The company witnessed fiercer competition last year with an increasing number of new market entrants, the statement said.

 

A cooling property market also weighed on the company's profitability.

 

By the end of 2018, the company had over 1,400 dealers and around 2,600 specialty stores. The number of its customers increased 3.35 percent year-on-year to 554,000.

The company plans to accelerate the refurbishment of old stores this year and open 300 new stores nationwide.

 

(Source: Xinhua)