Casual shoe chain Mirabell International Holdings has posted a 14.5 per cent year-on-year rise in annual profit to HK$48.7 million on the back of a successful cost-reduction program. The company, whose banners include Joy & Peace and Mirabell, said turnover in the year to February 28 fell to HK$625.6m from HK$637.5m with its gross profit margin edging up one per cent to 58 per cent.