Pou Chen, one of Taiwan's top sporting and casual footwear manufacturers, saw pre-tax profits slump 16.28 per cent to NT$1.975bn in the first half of this year, the China Economic News Service reported.

Pou Chen made a half year revenue of NT$5.72bn, dropping 4.85 per cent from the same six months of 2000 and fulfilling 47.17 per cent of the NT$11.176bn projected for this year. At the same time, the half year pre-tax profit of NT$1.975bn attained 55.7 per cent of the NT$3.546bn forecast for this year.

Of Pou Chen's half-year profit, NT$1.294bn or 65.52 per cent was non-operating income earned from its investment in Yue Yuen Industrial Ltd, Pou Chen's subsidiary listed on the Hong Kong stock exchange. Pou Chen has a 41 per cent stake in Yue Yuen at present.

Pou Chen set up Yue Yuen specifically to manage the former's shoe production lines in mainland China, Indonesia, Vietnam and the US, while Pou Chen's domestic business operation focuses on R&D, the production of shoe materials, the coordination of the company's global business network and overseas investments.

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