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Li Ning posts profit rise of 52.29% for 2008

Published: 23 Apr 2009 08:28:11 PST

Mar. 19, 2009 (China Knowledge) - Li Ning Co Ltd<2331>, A Chinese sports brand giant, yesterday published its annual report for 2008, which shows profit reaching RMB 721 million, jumping 52.29% from one year earlier, sources reported.

The company realized RMB 6.69 billion in sales revenue in 2008, up 53.8% year on year. The sales of products under the Li Ning brand contributed around RMB 6.35 billion to the company, accounting for 95% of the total sales revenue. The remaining revenue came from the AIGLE, Z-DO, Double Happiness and Lotto brands.

Earnings per share (EPS) were nearly RMB 0.70. The company will issue a final dividend of about RMB 0.11 per share.

Some analysts have attributed the company's profit increase to the 2008 Beijing Olympic Games. The company said high profits might be hard to maintain due to the consumption slowdown in China and the rising cost of raw materials.

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