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ANTA Sports (02020): 1H profit rises at least 25%
22 Jul 2019
(Infocast News) ANTA Sports Products (02020) said that "based on the preliminary review of the information which includes, but without limitation to, the unaudited consolidated management accounts of the Group for the six months ended 30 June 2019 (the '1H2019') and other information of the Group currently available to the Board, the Group is expected to record an increase of not less than 50% in its profit from operations (on a consolidated basis) and an increase of not less than 25% in its profit attributable to equity shareholders of the Company (on a consolidated basis, after taking into account the share of loss in a joint venture) for the 1H2019 as compared to that for the six months ended 30 June 2018 (the '1H2018') (the unaudited profit from operations for the 1H2018 amounted to approximately RMB 2.689 billion and the unaudited profit attributable to equity shareholders of the Company for the 1H2018 amounted to approximately RMB 1.945 billion). The expected increase in the profit attributable to equity shareholders of the Company is mainly attributable to, including but not limited to, the following reasons:

"1. the continued strong growth recorded in the sales of ANTA branded and other branded products which has resulted in more than 35% increase in revenue (on a consolidated basis) as compared to the 1H2018; and

"2. the increase in operating profit margin as compared to the 1H2018, which was mainly due to:
"(a) the increased contribution from retail operations which generally generate a relatively higher gross profit margin than wholesale operations;
"(b) the early receipt of the government grants by the Group; and
"(c) the relatively stable operating expenses ratio as a percentage of revenue."

(WL)
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