Yue Yuen takes a near 50% hit on profit in first - sportstextiles: Lea SportsTextiles

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Yue Yuen takes a near 50% hit on profit in first half

15/08/2014
Shoe manufacturer Yuen has taken a hit on its first half profit after upping employee benefits – as it warned via the Hong Kong Stock Exchange last week.

Profit declined 48% to $101.4 million. However, revenue rose 6.8% to $4 billion.

Its chairman Lu Chin Chu said the employee strikes in May “underscore the near term challenges in the business and for the industry in general".

Sales of athletic shoes and casual/outdoor shoes were up by 1.1% and 14.2% respectively. Total shoe manufacturing volume was almost unchanged at 158 million pairs.

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