Yue Yuen Industrial (Holdings) Limited reported that revenues for the fiscal third quarter ended June 30 rose 11.9% to $859 million and net profit declined 9.9% to $84 million year on year respectively.
For the nine-month period ended 30 June, 2005, total revenues increased by 15.3% to $2.3 billion and net profit fell by 6% to $236 million, respectively compared with the same period last year. If the profit of disposal of investment securities last year were not taken into account, the normal net profit would have increased by 5% year-on-year.
Total shoe production during the period amounted to 141.9 million pairs, an increase of 12.7% year-on-year.
The Groups sales growth in the third quarter of fiscal year 2005 remained steady. Order flow from major customers continued to be stable. However, the Groups gross margins were affected by increases in production costs stemming from continual increases in material costs, upward reversion of wages in China and increases in energy costs. The average unit price in the third quarter has
slightly increased as compared with the first half of this fiscal year.
