Sportswear firm Li Ning reports 41.6% surge in net profit for H1

Aug. 28, 2009 (China Knowledge) - Chinese sportswear firm Li Ning Co Ltd<2331>, founded by top China gymnast Li Ning, said today that its net profit soared 41.6% year on year to RMB 473 million in the first half of this year.

The company declared an interim dividend of RMB 0.14, according to its interim report.

In the first six months, the firm's revenue was RMB 4.05 billion, up 32.4% from the same period of last year.

Revenue from sales of Li Ning brand products increased 24.5% from a year earlier to RMB 3.74 billion, accounting for 92.2% of the company's total. Sales of footwear grew 23.9%, sales of garments grew 25.1% and sales of equipment grew 23.1%.

The firm opened 564 new stores during the period from January to June, and now has 6,809 in total.

Late last month, the company set up a flagship store in Singapore's newest shopping mall, Ion Orchard, as part of its effort to expand in the overseas market, according to an earlier report from China Knowledge.