March 3, 2019 / 12:44 PM / 3 months ago

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

HONG KONG, March 3 (Reuters) - 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 ($386.3 million) from 2.79 billion.

That was below the 2.70 billion yuan expected on average by 15 analysts whose estimates were compiled by Refinitiv.

Turnover fell 2.9 percent to 99.36 billion yuan.

$1 = 6.7048 Chinese yuan renminbi Reporting by Donny Kwok; editing by Christopher Cushing and Jason Neely

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