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ANTA reports growth in order value, H1 profit falls
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ANTA Sports Products Ltd has reported a rise in the value of its order book for the first time in more than a year but said profits fell amid slower industry growth.
China’s largest sportswear company by market value said order value for its 2014 first-quarter collection rose by “a high single digit” on a year-on-year basis, the first increase since late 2012, according to a filing to the Hong Kong stock exchange yesterday.
But it said first-half net profit in 2013 fell 19 percent from last year to 625.7 million yuan (US$102 million), as the company joins an industrial trend of slashing excess inventory by offering deep discounts.
“China’s sportswear industry still faces uncertainty associated with the unresolved excess inventory problem in the near term,” ANTA Chairman Ding Shizhong said in the earnings statement.
ANTA shares rose 3.3 percent in Hong Kong yesterday.
The company’s shares have risen 34 percent so far this year, while its major rival Li Ning has gained 1.2 percent, compared with a 3.4 percent fall in the benchmark Hang Seng Index.
Analysts said slower growth of China’s sportswear market from a boom after the 2008 Beijing Olympics may continue to impact corporate earnings.
“ANTA’s management is better than its peers, and we expect better orders next year,” said Joyce Jia, an analyst with Shenyin and Wanguo Securities.
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