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Shoe maker Yue Yuen FY net up 2.2%

Jan '06
Athletic shoe maker Yue Yuen Industrial Holdings Limited has announced its audited consolidated results for the year ended 30th September, 2005.

The Hong Kong-based company reported that turnover rose year-on-year by 16 percent to $3,155 million and net profit increased by 2.2 percent year-on-year to $310.1 million for the fiscal year 2005.

The group has achieved encouraging results for the period under review despite a challenging and increasingly demanding operating environment. It made further progress in improving production efficiency as well as in achieving economies of scale from continued sales growth during the year.

The group focused not only on the manufacturing end of the supply-chain, but also on the retail end. The move into the mainland China retail market has borne fruit, resulting in a 128 percent jump in turnover for that business during the year. Its stake in Eagle Nice, an associate company engaged in sport apparel manufacturing, increased to 45 percent from 31 percent following the early conversion of convertible notes in March 2005.

During the year, the total shoe production volume climbed 11.2 percent to 185.9 million pairs year-on-year basis. As at the end of fiscal 2005, the group maintained 342 production lines, 33 more than in the previous year.

The group is optimistic about its business growth in fiscal 2006. In the first quarter of the fiscal year, turnover rose 16.7 percent year-on-year to US$869 million. Other than traditional shops, it has opened several mega-stores, and the response to these has been encouraging. The goal to open 1,000 shops/counters ahead of the Beijing Olympics in 2008 remains intact.

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