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Chinese sportswear firm Li Ning says 2016 profit boosted by unit sale
March 23, 2017 / 2:53 AM / 8 months ago

Chinese sportswear firm Li Ning says 2016 profit boosted by unit sale

HONG KONG, March 23 (Reuters) - Chinese sportswear maker Li Ning Co Ltd on Thursday posted a sharp jump in profit for 2016, lifted by a gain from the disposal of stake in a subsidiary and stronger online sales.

China’s best-known home-grown sports brand said annual net profit was 643.3 million yuan ($93.5 million), including a 313 million yuan gain on the sale of 10 percent of table tennis equipment maker Double Happiness. It posted 14.3 million yuan profit in 2015.

Excluding the one-off gain, the underlying profit was at 330.3 million yuan, slightly below an average forecast of 352 million yuan from 22 analysts polled by Thomson Reuters.

Li Ning, whose investors include private equity firm TPG Capital Management and Singapore sovereign wealth fund GIC, said revenue rose 13 percent to 8.02 billion yuan.

Gross profit margin increased 1.2 percentage point to 46.2 percent.

$1 = 6.8785 Chinese yuan renminbi Reporting by Donny Kwok; Editing by xxx

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