Higher sales drive Exceed Company's profit hike
- Profit for six months ending June jumps 176.1%
- Revenue up 29.7% to CNY845.2m
- Gross margin climbs 0.5 percentage points
Chinese sportswear maker Exceed Company has booked a 176.1% hike in net profit for the six months to 30 June, thanks to higher sales and improved margins.
The owner the Xidelong sportswear brand said net profit reached CNY70.4m (US$11.4m) during the period, compared to CNY25.5m in the same period of last year. Revenue increased 29.7% to CNY845.2m from CNY651.9m a year ago, while gross margin edged up 0.5 percentage points to 27.3% from 26.8%.
The company, which last summer received a non-binding bid to take the company private, revealed in September that it was still in discussions with CEO Shuipan Lin and Pan Long Co regarding the proposal, and a loan had been agreed for the sale.
The deal will see Pan Long acquire Exceed for US$1.78 per ordinary share.
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