Unaudited consolidated results show that profit attributable to owners of the Company increased 4.5% to US$395.9 million against US$378.8 million recorded in the same period in 2016. Between January and September 2017, non-recurring profit totalled US$20.9 million, of which US$8.3 million “due to fair value changes on derivative financial instruments as well as US$9.9 million gain on disposal of associates”, according to the report.

Excluding all items of non-recurring in nature, the recurring profit attributable to owners of the world’s largest branded athletic and casual footwear manufacturer amounted to US$375.0 million, representing a 4% increase year-on-year.

Total revenue for footwear manufacturing activity in the period increased 1.5%, while the volume of shoes sold increased by 1.1% to 238.7 million pairs as compared with the same period last year. Both volume and average selling price are said to have recorded an increase in the quarter.

The Group’s gross profit increased 9.2% to US$1,705.3 million, while gross profit for the manufacturing business involving leading international brands was up 3.6% to US$934.7 million, with a gross profit margin of 20.7% for the period. The improvement was mainly attributed to “operational efficiency improvement as a result of direct labour cost savings”.

Pou Sheng, Yue Yuen’s retail business, registered a gross profit improvement of 6.3% to US$701.9 million due to the higher store sales