In a year that saw the loss of nearly a third of its manufacturing capacity with the divestiture of the Zhong Shan factory, net income increased to HK$257,260,000 ($38.1 mm) from HK$132,556,000 boosted by the proceeds from the sale, but revenue plunged 36% to HK$1,164,873,000 ($172.3 mm) from HK$1,830,267,000 for the fiscal year ended Mar. 31. Excluding the HK$176.5 million one-time gain, the footwear maker’s bottom line dropped 45% to HK$80.7 million. Gross margin contracted 230 basis points to 15.7%. Every geography had ... Log in to view full article.