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)