Li Ning H1 Net Profit Declines 85%

China's Li Ning Co Ltd

posted an 85% drop in its first-half net profit. Li Ning's profit for the period fell to 44.3 million yuan ($7.0 million), from 293.74 million yuan, in the year-earlier period. However, analysts were expecting a profit of 111.9 million yuan. Its revenue dropped to 3.88 billion yuan, versus 4.29 billion yuan. Li Ning's gross profit margin declined to 44.2%, from 47.3%. Li Ning shares closed at $13.78 yesterday.