Li Ning getting leaner, meaner, firm says

Sportswear company Li Ning Co Ltd saw improvements in its operations in 2013. But the company needs more time to report concrete results, its management team said.

The Chinese sportswear maker, named after the iconic gymnast who established the brand, reported a net loss of 392 million yuan ($63.7 million) for 2013 on Monday. That figure narrowed by 80 percent its 2012 loss, which totaled 1.979 billion yuan. Meanwhile, its gross profit rose slightly from 2012's 2.514 billion yuan to 2.594 billion yuan in 2013.

Li Ning's operating cash flow also "substantially improved to near break even", compared with 932 million yuan net operating cash outflow in 2012, said the athletic footwear maker's annual report, published on the Hong Kong stock exchange.