Li Ning鈥檚 H1 loss narrows to US$4.6m
Print Edition
CHINESE sportswear maker Li Ning Co yesterday posted a narrower first-half loss and said it aims to return to profit by the end of the year.
Chairman Li Ning said in a filing to the Hong Kong bourse that the company will expand its sales network mainly in southern China in the second half while maintaining reasonable inventories.
It will “continuously improve its operating efficiency, step up its control over operating costs and strengthen cash flow management in a bid to drive its annual results for 2015 back to profitability,” Li said.
The company said its first-half net loss narrowed to 29.4 million yuan (US$4.6 million) from a 585.8 million yuan loss a year earlier, while marking its sixth consecutive six-month loss.
China’s best known home-grown sportswear maker, whose investors include private equity firm TPG Capital Management and Singapore sovereign wealth fund GIC, said first-half revenue jumped 16 percent year on year to 3.6 billion yuan.
Li Ning has begun expanding again, with net growth in the number of points of sale in the first half for the first time since 2011, and 42 percent opened in the under-penetrated southern China region.
Trade fair orders for delivery in the first quarter of 2016 grew at a mid-teens percentage rate and operating cash flow turned positive, it said.
Last week, local rival ANTA Sports Products said its first-half net profit rose by a fifth, signaling that China’s sportswear sector is on the mend after two years of store closures.
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