The solid recovery at Pou Sheng was not enough to offset weakness at the footwear manufacturing segment, sending YY’s net income attributable to shareholders down 7% to $274,710,000 last year from $296,347,000 on 12% lower sales of $7,890,168,000 against $8,970,228,000. During the year, stringent expense control measures reduced costs and improved efficiency, resulting in a 10% drop in selling and distribution expenses. Administrative expenses were also 10% lower, helping to reduce overall operating expenses. YY’s share of profits from equity method associates and joint ventures inched up 2% to $47.7 million.

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