Net income attributable to shareholders for the first half of 2024 more than doubled to $184,401,000 from $83,601,000, though revenues slipped 3% to $4,015,407,000 from $4,154,968,000 as rebounding footwear manufacturing couldn’t quite offset declines from the Pou Sheng Chinese retail business. Profitability was helped by a 10% reduction in selling and distribution expenses and 3% lower administrative expenses. Other expenses were reduced by 39%, mainly due to the non-recurrence of last year’s costs related to production cuts.

After struggling through most of last year, YY’s manufacturing business has been improving, though admittedly ... Log in to view full article.