China Sports International improves Q2 net loss by 97.6%

SINGAPORE - China Sports International, a branded sports fashion footwear and apparel company, recorded a 97.6 per cent improvement in the second quarter net loss.

Losses for the three months to June 30 narrowed to 7.3 million yuan, while revenue fell 13.7 per cent to 47.7 million yuan.

Turnover was affected by "the persistent and increasing competition in the sportswear industry".

The firm added: "Our distributors continued to be weary of the intensified competition and became even more prudent in placing their orders for footwear and apparel products, which has affected the overall footwear revenue."

Quarterly loss per share was 0.71 fen, which was better than a loss per share of 31.54 fen a year ago.

Net asset value per share stood at 40.48 fen as at June 30, down from 49.1 fen as at Dec 31.