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Appliance giant's profits soar, chairman investigated
By Tuo Yannan (China Daily)
Updated: 2008-11-24 17:50
In its quarterly report, the company said its gross margin in the same period widened by 1.57 percent to 16.75 percent. Trading in Gome's shares was suspended yesterday morning amid reports that its chairman, Huang Guangyu, reputed to be one of the richest men on the mainland, is under investigation for stock market manipulation. Gome said in a separate statement that it was in the process of verifying the accuracy of the news about its chairman and that it would make a formal announcement after the matter is clarified. Noting the "fine" results in the first three quarters of this year, the statement said that Gome's management is confident about future growth. The statement also specified a list of the company's suppliers, including nearly all the major electrical appliance brands on the mainland market, which it said have indicated their ongoing support to the company. (For more biz stories, please visit Industries)
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