Yue Yuen declares unaudited consolidated 2007 interim results

23 Jun '07

2 min read

Yue Yuen Industrial (Holdings) Limited announced its unaudited consolidated results for the six months ended 31st March, 2007.

The Group's turnover and profit attributable to equity holders of the company increased year-on-year by respectively 10.6% to US$1,904.8 million and 0.8% to US$169.6 million.

Stripping off the accounting adjustments on the two outstanding convertible bonds, profit attributable to equity holders of the company would have increased by 9.6% year-on-year to US$173.6 million.

The Board of Directors has resolved to recommend payment of an interim dividend of HK$0.31 per share, an increase of 6.9% from HK$0.29 per share last year.

During the period under review, the Group recorded stable sales growth for the footwear manufacturing operation whereas the growth momentum of the Greater China wholesale and retail operations remained strong.

The total volume of shoes produced rose by 14.9% year-on-year to 111 million pairs, thanks to the support of our existing customers and orders from new customers. To supplement the business growth, the Group has added 14 new production lines over the last six months, bringing the total number of lines to 387 by the end of March 2007.

The Group is committed to improve production efficiency in light of the challenges from increase in wages and currency fluctuations.

The sales contributions from the wholesale and retail operations in the Greater China region continued to increase and accounted for about 10% of the Group's total turnover for the period under review.

More Yue Yuen Industrial Holdings Limited News...