Suning Appliance Co Ltd, one of the largest privately-owned electrical appliance retailers in China, has announced that its net profit for the first three quarters of the year was RMB 1.97, up 15.06% year on year.

The firm's operating revenue in the first nine months was RMB 41.57 billion, up 6.32% from a year earlier. Its earnings per share were RMB 0.44 during the period. Net return on equity was 18.48%.

Suning's creative marketing methods boosted its sales in the OEM and agency segments. The firm's gross margin from core business was 17.57% in the first nine months, up 0.76 percentage points year on year.

Consumer confidence has been recovering since the second quarter of this year because the central government launched a series of stimulus measures to boost domestic consumption. Suning's net profit for the third quarter of this year was RMB 705 million, up 15.38% year on year.

The firm expanded into more than 15 Chinese cities in the first nine months and increased the number of retail stores by 73. The firm now has a total of 885 retail stores in the country, including 152 flagship stores.

It is estimated that Suning's net profit for this year will reflect year-on-year growth of 25% to 40%, according to sources.