Li Ning profit up 44 percent

China's best-known sportswear maker Li Ning Co Ltd reported a 44 percent surge in net earnings last year to 643.3 million yuan ($93.5 million), boosted by a major asset selloff.

The company said that despite some bumps in previous years it was on a steady course for earnings growth.

The sports brand's latest positive performance came after the group put three years of annual losses behind it and moved into the black in 2015.