Chinese sportswear giant Li-Ning’s shares surge close to eight-year high as profit beats estimates

Shares of Chinese sports brand Li-Ning sailed close to an eight-year high on Friday after the company beat full-year earnings expectations.

The eponymous brand, founded by a former top Chinese Olympic gymnast in 1989, on Friday posted net profit of 715.26 million yuan (US$10.68 million) for 2018, up 39 per cent from the year before and beating the average estimate of 707.32 million by analysts polled by Bloomberg.

Revenue rose 18 per cent to 10.51 billion yuan, beating predictions of 10.32 billion yuan. The company recommended payment of a final dividend of 8.78 cents per ordinary share. It did not may a dividend last year.

Its share price shot up 11.4 per cent to HK$12.70 on Friday, its highest since June 2011.

The company attributed the gains to an improvement of operational efficiency and same-store sales achieving growth in the “low teens” as a percentage.

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