Li Ning shares trade higher after reported 11.6% rise in first-half net profit
COMPANY NEWS STOCKS
Li Ning shares trade higher after reported 11.6% rise in first-half net profit
COMPANY NEWS STOCKS

Li Ning shares trade higher after reported 11.6% rise in first-half net profit

 

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Shares of Chinese sportswear producer Li Ning Company jumped as much as 5.5% in Hong Kong before paring gains to 2%.

The company reported a revenue of 12.4 billion yuan for the first half of the year, rising 21.7% from a year earlier, and its net profit reached 2.19 billion yuan, rising 11.6% from a year earlier, according to its filing to the Hong Kong Stock Exchange on Friday morning. Its earnings per share was 83.77 cents

The company’s net profit margin fell to 17.6% in the first half from 19.2% a year earlier, while gross profit margin fell by 5.9 percentage points to 50%.

Morgan Stanley said in a note on Thursday that it maintained the forecast that Li Ning’ full-year revenue will grow 16% in 2022 and net profit will grow 15%, with target price at HK$89 and an Overweight rating.