361 Degrees International, Ltd. said profits for the six months ended June 30 are expected to increase by not less than 30 percent.
The Chinese-based sports company said the improved performance of the Group was mainly attributable to the increase in revenue from innovation and the launch of new products with functionality and premium positioning. The adoption of refined digital management further improved cost and expense controls.
The improved earnings also reflect 361 Degrees’ redemption of the 7.25 percent senior notes due 2021 issued by the company resulting in interest reduction and a decrease in tax charge related to the remittance of funds from mainland China due to the redemption of senior notes in the first half of 2021.]
361 Degrees said it would disclose its financial results for the six months before the end of August.
