HONG KONG (dpa-AFX) - Footwear manufacturer Yue Yuen Industrial (Holdings) Limited (YUEIF, 0551.HK) reported Wednesday lower profit in its first quarter, hurt by weak revenues.
In the first quarter, profit attributable to owners of the company dropped to $35.18 million from last year's $75.76 million.
Profit before taxation was $64.72 million, compared to $110.78 million a year ago.
Revenue decreased 2.2 percent to $1.985 billion from last year's $2.030 billion.
The volume of shoes shipped during the period decreased 8.1 percent to 56.9 million pairs, while the average selling price increased 2.4 percent to $20.52 per pair as compared to last year.
In Hong Kong, the shares closed Wednesday's regular trading at HK$14.880, up 0.20 percent.
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