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Yue Yuen’s turnover up by 5.7%

Apr 2, 2015 Hong Kong
Yue Yuen’s turnover up by 5.7%
The Hong Kong-based footwear giant announced its audited consolidated results for the year ended on the 31st of December 2014
Total turnover of the group rose 5.7% in the period, reaching approximately 8 013.4 million US dollars.

Total shoe manufacturing volume was down by 2.0% to 307.1 million pairs for the twelve month's period ended at the 31st of December.

Turnover of athletic shoes and casual/outdoor shoes, representing, respectively, 48.3% and 17.8% in total turnover, was up by 1.5% and 5.3%, respectively, year over year.

With regards to the retail and wholesale business of sportswear in the Greater China region, turnover increased by 14.4% to 1 975.7 million US dollars in 2014compared to 1 726.6 million US dollars recorded in the same period last year. This segment represents 24.6% of total revenue of the footwear giant.

Recurring operating profit amounted to 430.5 million US dollars; the group also had non-recurring operating loss of 99.5 million US dollars for the period, including 90 million US dollars of employee benefit payments for employees in the  People's Republic of China, 20.5 million US dollars of losses due to fair value changes on derivative financial instruments, and 10.0 million US dollars of gains due to write back of impairment loss on amount due from a joint venture.

Considering non-recurring operating loss the net profit attributable to owners of the company for the fiscal year 2014 amounted to approximately 331.0 million US dollars.

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