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GOME Electrial Appliances , backed by private equity firm Bain Capital, said on Friday profitability has significantly improved and it expects to swing into profit in the first half of the year from losses a year ago.
The company said in a filing to the Hong Kong exchange that this was largely due to increased sales and its joint venture partner shouldering 40 per cent of the losses incurred by its e-commerce business.
GOME, China’s second-largest electrical appliance retailer, said profits in the second quarter doubled from the first quarter this year.
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