Yue Yuen revenue up and profits down

Hong Kong
Published:  17 August, 2018

Hong Kong footwear manufacturer Yue Yuen Industrial (Holdings) Ltd has reported revenue for the six months ending June 30 grew 7.2% to $4.8 billion. However, profit declined 41.9% to $150.1 million from $258.5 million compared with the same period last year.

Excluding all items of non-recurring nature, the recurring profit for the six months ended June 30, 2018, declined by 31.5% to $165.0 million compared with a profit of $240.9 million for the same period last year. During the first half of 2018, the group recorded a non-recurring loss of $14.9 million, which included a loss of $22.5 million on derivative financial instruments that was partly offset by one-off gains arising from disposal of associates and subsidiaries.

During the first half of 2018, the revenue attributable to Pou Sheng, the group’s retail subsidiary, grew by 27.1% to $1,752.8 million, compared with $1,379.6 million in the previous financial year. In RMB terms (Pou Sheng’s reporting currency), revenue increased by 17.7% to RMB11,202.0 million, compared to RMB9,515.1 million in the corresponding period of last year.