China’s premier sports brand Li Ning posted a loss of 242,000 yuan (HK$293,800) in the first half of 2015, showing some progress toward reversing what has been three straight years of losses.
Revenue increased by 16 per cent, hitting 3.6 million yuan. Chairman Li Ning remained the interim chief executive after being appointed to the position in March. The company will not pay a dividend for the first six months of the year, it said.
Losses grew in 2014, when it posted a net loss of 781.5 million yuan compared to 391.5 million yuan in losses for 2013. The company is backed by US private equity firm TPG Capital and Singapore’s GIC.
It said it would continue to expand its sales network in the second half of the year in the hopes of moving back to profitability.