Li Ning, the troubled Chinese sportswear company that is one of the mainland's best known brands, announced its third full year loss as it continues to bear the costs of a restructuring.
The company, which has struggled to shake off the image of producing cheap sports shoes that are little more than western knock-offs, announced a net loss of Rmb781m for last year, but said revenues increased 16 per cent year on year to Rmb6.7bn —with revenue growth accelerating to 23 per cent for the second half year.
“The results do show improvement and are slightly better than market expectation but it’s still hard to say they’ve accomplished a turnround,” said Elyse Wang of Haitong Securities.
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