China’s Li Ning expects H2 gross profit margin to be similar to H1

By
Daily Excelsior
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HONG KONG, Aug 23: China’s best-known local sportswear group Li Ning Co Ltd said on Thursday that it expects its gross profit margin for the second half of the year to be similar to the first six months.
Chief Financial Officer Chong Yik Kay was speaking a day after the company posted an 85 percent drop in first-half net profit, and warned that full-year revenue would fall and the company may post a loss for 2012.
Li Ning recorded a gross profit margin of 44.2 percent for the first half, compared with 47.3 percent a year  earlier.
Shares of Li Ning were down nearly 6 percent at the midday trading break, lagging a 0.9 percent gain by the benchmark Hang Seng Index.
(agencies)

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