By Yifan Wang

Suning.com Co., a home-appliance retailer backed by Chinese e-commerce giant Alibaba Group Holding, said net profit for the third quarter slumped 93% from a year earlier, mainly due to lower revenue and a sharp decline in investment income.

Net profit was 713.7 million yuan ($106.6 million), the company said late Friday.

Revenue fell 4.6% to CNY62.44 billion. Investment income slumped 93% to CNY1.25 billion.

Suning said the plunge in investment income was a one-off event, and excluding nonrecurring items, the company's net loss narrowed, indicating continued operational improvement.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

11-01-20 2041ET