ANTA Sports Products : 1st Half Net Profit Fell 29% on Year as Pandemic Weighed on Revenue

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 [e-mail]