Gome Electrical Appliances Holding Ltd's first-quarter profit plunged by 88 percent after government subsidies meant to boost consumption in China ended on Dec 31.

The electronics retailer's income decreased to 67 million yuan ($11 million) in the three months ending on March 31, falling from 552 million yuan a year earlier, the company said in a statement to the Hong Kong Stock Exchange on Friday.

The value of its sales fell by 29 percent, falling to 9.8 billion yuan.

China Daily - Agencies