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.
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(END) Dow Jones Newswires