The Hong Kong headquartered Taiwanese footwear manufacturer recorded revenue of US$8,480.6 million for the year ended December 31, 2016, representing a 0.5% growth compared with 2015. Excluding all items of non-recurring operating in nature, the recurring profit increased 29.5% to US$525.1 million, (2015: US$405.5 million). Non-recurring profit amounted to US$9.4 million, including recognition of US$11.5 million gains on fair value changes on derivatives financial instruments, as well as a US$4.5 million impairment loss on amounts due from joint ventures.

According Yue Yuen, revenue for the footwear manufacturing business declined 1.6% in 2016 against 2015, while the production volume grew 1.4% to 322 million pairs (2015: 317.5 million). The Group said it is putting more strategic emphasis on transforming its business model from offering ‘economies of scale’ and expertise in footwear manufacturing to ‘economies of value’. It is introducing innovative services and solutions, and integrating the supply chain process “to provide brand customers enhanced value proposition, and better meet their changing demands and interests.”

“We are pleased with the Group’s performance despite the presence of uncertainties and slow global macroeconomic growth. We will continue to seek greater efficiency and provide value added solutions to our brand customers, while balancing the need for sustainable development. We will also continue to offer better sports-related experiences and choices to consumers, thereby helping our brand customers benefit from rising sports consumption in Greater China”, said Lu Chin Chu, Chairman, Yue Yuen Industrial Holdings.