Sportswear firm nets 1.1b yuan

Business | Avery Chen 26 Nov 2020

Mainland sportswear company China Dongxiang (3818) said its net profit jumped 4.9 times to 1.12 billion yuan (HK$1.32 billion) for the first six months this year, mainly due to a change in the fair value of financial instruments.

The company declared an interim dividend of 5.69 fen per share. Basic earnings per share were 19.04 fen.

Revenue for the period was unchanged at 899 million yuan. Sales from its Kappa brand in mainland China grew 13.2 percent to 748 million yuan, whereas sales in the Japan market slumped 44 percent to 84 million yuan.

The company's gross profit margin fell 5.3 percentage points to 60.1 percent.

China Dongxiang had 1,153 Kappa stores, excluding Kappa Kid stores and Kappa Japan as of September 30, an increase of 24 stores from end-March. It said it will be looking at further closing underperforming stores.

China Dongxiang shares surged 12.35 percent to HK$0.91 yesterday.

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