Peak Sports of Hong Kong warned its shareholders that its unaudited consolidated net profit for the six months ended June 30 and unaudited consolidated net profit for the year ended Dec. 31, 2012 are expected to decrease considerably when compared to those for the same periods last year.
The company’s board considers that such decline in consolidated net profits is primarily attributable to an industry-wide inventory correction and sluggish economic conditions which adversely affect the demand of sports products from the Group during 2012.
The company is still in the process of finalizing the interim results of the Group for the six months ended June 30. The information contained in this announcement is only based on the Board’s preliminary assessment of the Group’s information currently available including the Group’s management accounts and orders obtained from sales fairs already held for 2012.
This information of the Group has not been reviewed or audited by the auditor of the company.
Further details of the Group’s financial results for the six months ended June 30 and financial results for the year ended Dec. 31 will be disclosed in the company’s interim results announcement and final results announcement respectively.
As of Dec. 31, 2011, there were 7,806 authorized retail outlets selling the company's apparel, footwear and accessories in China, which generates 90.1 percent of the company's revenue.
