China’s weak market conditions has resulted in modest growth for 2012, says Wumart.

The retailer said net profit for the year to December 31 increased just 2.7 per cent. Total revenue rose 17.3 billion yuan, up 5.7 per cent than 2011 while net profit margin grew 3.5 per cent.

Wumart opened 51 stores last year, of which 32 were mini-marts and 19 were superstores, taking the total number to 538. Last year, it expanded its market penetration in Beijing, Tianjin, Zhejiang and Hebei province.

This year, Wumart will accelerate its pace of development and continue to improve the standardisation and upgrading of its operations and management, it says. In addition, it will build new distribution centres and processing centres.