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Li Ning profit misses consensus by 67.8% in H1

Li Ning Company Ltd said its normalized net income for the first half came to 54.4 million yuan, compared with a loss of 1.2 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue grew 12.8% year over year to 3.60 billion yuan from 3.19 billion yuan, and total operating expenses rose 10.1% from the prior-year period to 3.44 billion yuan from 3.13 billion yuan.

Reported net income came to 68.3 million yuan, or 3 fen per share, compared to a loss of 63.4 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.