Chinese sportswear firm Li Ning says 2016 profit boosted by unit sale

HONG KONG, March 23 (Reuters) - Chinese sportswear maker Li

Ning Co Ltd on Thursday posted a sharp jump in profit

for 2016, lifted by a gain from the disposal of stake in a

subsidiary and stronger online sales.

China's best-known home-grown sports brand said annual net

profit was 643.3 million yuan ($93.5 million), including a 313

million yuan gain on the sale of 10 percent of table tennis

equipment maker Double Happiness. It posted 14.3 million yuan

profit in 2015.

Excluding the one-off gain, the underlying profit was at

330.3 million yuan, slightly below an average forecast of 352

million yuan from 22 analysts polled by Thomson Reuters.

Li Ning, whose investors include private equity firm TPG

Capital Management and Singapore sovereign wealth fund

GIC, said revenue rose 13 percent to 8.02 billion yuan.

Gross profit margin increased 1.2 percentage point to 46.2


($1 = 6.8785 Chinese yuan renminbi)

(Reporting by Donny Kwok; Editing by xxx)