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China sports -what analysts said today 14/8/08
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luckyman
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14-Aug-2008 11:10
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Singapore-listed China
Sports International said second quarter net profit rose 24.9 pct
yea-on-year to 58.7 mln yuan on strong sales of its YELI-brand products. The company said in a statement that revenue for the quarter rose 50.0 pct to 465.9 mln yuan year-on-year. In the first half, China Sports booked revenue of 868.7 mln yuan, up 66.5 pct year-on-year. Net profit rose 42.8 pct to 105.1 mln yuan. During the half, sales of YELI footwear jumped 82.2 pct to 555.6 mln yuan and YELI apparel sales rose 88.1 pct to 153.7 mln yuan. YELI products accounted 82 pct of revenue in the first half, from 74 pct a year earlier, while contribution from footwear produced on an OEM basis fell to 18 pct from 26 pct a year earlier. "Our strategy to reduce exposure to the OEM market by focusing more on our own brands and higher-margin sports fashion products is paying off," said Lin Shaoxiong, Chief Executive Officer of China Sports. Looking ahead, the company believes that sports fashion market will remain strong as major events such as the Beijing Olympics will increase awareness and participation in sports. The company also said its unit YELI (China) Co has qualified as a wholly-owned foreign entity and will be entitled to tax exemption from the second half of 2008 until December 2009. |
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