Yue Yuen YTD profit slashed by one-off losses
- Net profit 9mths to 30 September down 37% to US$209m
- Turnover up 6.8% to $5.936bn
- Hit by $110.4m in non-recurring losses
Chinese footwear business Yue Yuen recorded a 37% cut in net profit for the first nine months of 2014, thanks to one-off charges of $110.4m.
The costs were mostly made up of $90m in increased contributions to social insurance benefit and housing provident fund related to workers in China.
Shoe sales rose 3.9%, despite a 0.5% reduction in volumes to 228.8m pairs sold during the period.
Athletic shoes sales edged up 1.4% to $2.849bn, while casual/outdoor footwear revenues rose 10.7% to $1.087bn, Yue Yuen said.
Sales of sports sandals increased 5.2% to $61.2m, retail sales surged up 14.3% to $1.456bn and revenues from soles, components and others rose 10.4% to $483.2m.
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