HONG KONG: Yue Yuen profit rises 1.6% for full-year
Sports footwear manufacturer Yue Yuen Industrial Ltd has reported that its profit for the 2007 financial year increased 1.6% to US$359.4m.
Its turnover during the annual period increased by 12.5% to $4.1bn, compared with US$3.66bn in 2006. EPS in 2007 decreased by 0.9% though, to $0.216 from $0.218 in 2006.
The company's total production volume in 2007 increased by 18.2% to 232.2m pairs from 196.4m pairs in 2006, a statement said.
In a breakdown of revenues by geographical region, the company said sales to the US stood at $1.4bn, to Europe $0.987bn, and to China $0.828bn.
In a separate announcement, Yue Yuen said that Lee Wai Fun has resigned as company secretary. Lee confirmed that there was no disagreement with the board, and Ng Lok Ming has been appointed as new company secretary from today.
Sales from domestic Asian markets have become the top revenue stream for Yue Yuen Industrial (Holdings) Ltd, the world's largest athletic footwear maker, overtaking its exports to the US for the first...
Sportswear manufacturer Yue Yuen Industrial, which supplies both Adidas and Nike, posted a 17.6% increase in sales last month....
Yue Yuen is expecting to gain US$157m from the planned spin-off of its Pou Sheng retail unit on the Hong Kong Stock Exchange....
Adidas Group has reacted to criticism yesterday (21 April) of working conditions among global sportswear suppliers, saying the report that the accusations were based on lacked clarity and accuracy....
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