BUZZ-Footwear maker Yue Yuen rises to 2-week high on strong earnings

Reuters
2024-11-12
BUZZ-Footwear maker Yue Yuen rises to 2-week high on strong earnings

** Shares of footwear maker Yue Yuen Industrial (Holdings) 0551.HK rise 5.1% to HK$17.28, their highest since Oct. 30

** Stock on track for biggest one-day pct rise since Oct. 28 and for a third consecutive session of gains

** Co said its nine-month net income attributable jumped 140% Y/Y to $331.7 mln, with revenue up 1.5% to $6.08 bln and overall gross profit margin increasing 0.7 percentage point to 24.2%

** "The group remains optimistic about the long-term prospects of the sports industry," co said

** Co said the overall business environment would remain unsettled in the short-term due to uncertainties stemming from global macroeconomic conditions

** Said October net consolidated operating revenue rose 14.7% Y/Y to $740.2 mln

** The Hang Seng Commerce & Industry Index .HSNC eases 0.8%, the Hang Seng Consumption Index .HSCGSI slips 0.1% and the Hang Seng Index .HSI down 0.7%

** Stock up 90.3% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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