Profits attributable to shareholders nearly doubled to $99,965,000 in the first quarter from $50,844,000 last year despite revenues that declined 5% to $2,003,622 from $2,107,446, driven by a normalizing order book and a one-off asset disposal that added about $12.6 million. Results were largely in-line with expectations set last month. Footwear and components manufacturing revenue inched down 1% to $1,149.5 million. YY pulled back on spending, with selling and distribution expenses down 11% and administration expenses cut by 3%, so total SG&A leveraged 50 basis points as a percent of sales.

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