HK-listed footwear maker Yue Yuen rises on strong earnings, higher dividend

POU CHEN

16/03/2023 04:06

** Shares of world's largest footwear manufacturer Yue Yuen
Industrial (Holdings) Ltd  0551.HK  rise as much as 4.8% to
HK$11.30, posts biggest intraday pct gain since Feb. 13 
    ** Stock hits highest level since March 9; on track for a
second session of gains
    ** Company says its 2022 revenue up 5.1% year-on-year at
$8.97 bln, with net profit soaring 157.5% year-on-year to $296.3
mln 
    ** Proposes to pay final dividend of HK$0.70 per share as
compared to HK$0.20 each in the previous year 
    ** The unit of Pou Chen Corp  9904.TW  - which serves brands
like Nike, Adidas, Asics, New Balance, Timberland and Salomon -
says soft global demand and high inventory levels will weigh on
the near-term performance of its manufacturing business
    ** Short-term demand outlook for footwear remains cloudy and
the magnitude of order recovery is uncertain - Yue Yuen 
    ** Both Hang Seng Commerce & Industry Index  .HSNC  and Hang
Seng Consumption Index  .HSCGSI  down 1.3%
    ** The Hang Seng Composite Index  .HSCI  slides 1.4%, Hang
Seng Index  .HSI  drops 1.6%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))