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China's appliance retailer, Gome, said that its first-half net profit fell 49.6%. Net profit for the six months ending June had dropped to 580 million yuan (approx. US$84.9 million), after its revenue fell 17.73% to 20.46 million yuan over the same period.
The company, which has 779 stores in China, said it had closed 110 low-efficiency stores, and opened 30 new stores in tier one and two cities, in the first half of the year.
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