Home appliance retailer GOME Retail Holdings Limited, suspended from HKEX in April for failing to deliver their 2022 annual report on time, have now presented the required document. Trading was supposed to resume on Monday, but all trading was suspended due to typhoon Talim.
The company’s sales revenue for 2022 was about 17.4 billion yuan (US$2.4 billion), down 62.7 percent. Gross profit margin increased by 2.7 percentage points to 17.1 percent, but that one piece of good news is a very small straw to grasp at. The net loss attributable to the shareholders of the parent company more than quadrupled to 20 billion yuan.
Throughout the year, GOME tried to cut costs by closing stores and reducing advertising expenses. The company is working to establish better online sales channels with live streaming and short videos as new sales models.
As of the end of 2022, GOME Retail held 170 million yuan in cash compared to 4.4 billion yuan at the end of 2021 as debts were paid off.
