Sun Art profit climbs 75% in first half on new stores

Sun Art Retail Group Ltd, a Chinese hypermarket operator, reported its profit in the first half of 2012 rose 75 percent and attributed the increase to its opening new stores in the country.

Its net income in the six months that ended in June increased to 1.37 billion yuan ($215 million) from 784 million yuan, according to a statement to the Hong Kong Stock Exchange on Tuesday, and its sales rose by 14 percent.

The Shanghai-based retailer, backed by the France-based retail group Groupe Auchan SA, said in March that it would open at least 50 stores in China in 2012. Sun Art said it plans to "press ahead" with openings in the second half of the year even as consumer sentiment remains unstable, the company said on Tuesday.

Sun Art said it opened 10 hypermarkets in China in the first half of the year and has a total of 240 in the country.

China Daily-Agencies