Yue Yuen Industrial estimates that it made a net profit of between $80 million and $90 million in the first quarter, against last year’s pandemic-triggered loss of $56 million for the period. The world’s largest shoe producer says it has enhanced the utilization and efficiency of its manufacturing operations, following increased orders as global demand recovers.
The group’s Chinese retail subsidiary, Pou Sheng, contributed a profit of around 367.2 million yuan renmimbi (€46.8m-$55.7m) as compared to a loss of RMB 166.5 million (€21.2m-$25.7m) in the year-ago period. The group warned that there are still uncertainties for the balance of this year as uneven growth around the globe “could possibly disrupt the momentum of the recovery” for the manufacturing order book. The group has already reported consolidated operating revenues of $2,493.2 million for the first three months of this year, up by 27 percent from the same quarter a year ago.