China Sports International's 3Q net profit fell 58% to $1.2m

China Sports International, the branded sports fashion footwear and apparel company, says net profit declined 58.0% to RMB 5.8 million ($1.2 million) in the third quarter ended 30 September 2011 (3Q11) from RMB 13.8 million in 3Q10 due to higher selling and distribution and administrative costs.

In 3Q11, group revenue declined 18.1% to RMB 225.1 million from RMB 274.9 million in the same period last year (3Q10).

The decrease in revenue was mainly attributable to increasing competition in the industry, especially for footwear products that resulted in weaker demand for the group’s products.