China's Sun Art 2018 profit falls 7.3 percent, misses estimates

HONG KONG: Chinese hypermarket operator Sun Art Retail Group Ltd on Sunday posted a 7.3 percent fall in 2018 profit, missing market expectations, amid increasing competition from online and offline rivals.

The retailer, backed by China's biggest e-commerce company, Alibaba Group Holding Ltd, reported its net profit fell to 2.59 billion yuan from 2.79 billion.That was below the 2.70 billion yuan expected on average by 15 analysts whose estimates were compiled by Refinitiv.

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