BERLIN, , (Pakistan Point News - APP - 10th Nov, 2016 ) - German sporting goods maker Puma said Thursday it almost doubled net profits in the third quarter thanks to strong growth in sales driven by sponsorships of top Olympic athletes in Rio. The Bavaria-based firm made 39.5 million Euros ($43 million) in net profit between July and September, 98 percent higher than the same period last year. Its statement trumpeted the "great performance of Puma athletes at the Rio Olympics," including sprint icon Usain Bolt, who won three gold medals for the third time in a row.
Sales at the group increased in all of its business regions, with a double-digit increase in the Americas -- although weak currencies in Latin America limited its impact on the bottom line -- as well as in the Europe, middle East and Africa region. Shoes were the best-performing product line, although growing sales of clothing and accessories also fed into total sales of 990 million euros. Puma confirmed its forecast of a "high single-digit increase of net sales" for the full year 2016 and expects to report operating profit between 120 and 125 million euros.