Surging turnover lifts Li Ning profit 52.3pc

The net profit of Li Ning rose 52.3 per cent to 721.3 million yuan (HK$818.17 million) last year as turnover grew 53.8 per cent to 6.69 billion yuan. Sales of Li Ning brand footwear soared 60 per cent to 2.92 billion yuan while apparel sales jumped 44 per cent to 3.1 billion yuan. The sportswear retailer attributed the strong growth to marketing, brand promotion, increased sales channels and the 2008 Beijing Olympic Games. However, its trade payables rose 76.07 per cent to 863.47 million yuan while accounts receivables increased 64.97 per cent to 1.06 billion yuan.