By Kosaku Narioka
Anta Sports Products Ltd. said Tuesday that its first-half net profit fell 29% from a year earlier, as the Covid-19 pandemic weighed on sales.
The Chinese sportswear maker said net profit fell to 1.66 billion Chinese yuan ($239.9 million) in the first six months of 2020.
Revenue declined 1.0% from a year earlier to CNY14.67 billion. The pandemic led to wholesale-order cancellations and temporary store closures, though e-commerce growth cushioned the fall, the company said.
Increased selling and distribution expenses as well as administrative costs also hurt the bottom line, it said.
Write to Kosaku Narioka at firstname.lastname@example.org