Branded sportswear company Peak Sport Products has said it expects first-half profit to decline "considerably" after industry-wide destocking and sluggish economic conditions hit demand.

The Hong Kong-based group said it is still in the process of finalising its interim results for the six months ended 30 June, which are expected to be announced next month.

The company's share price fell 5.8% to HK1.30 (US$0.17) today (9 July).

Peak Sport Products stressed strategies were in place to improve its competitiveness in March after it blamed weaker demand, rising costs and falling sales for a decline in full-year profit.