Strong growth in footwear manufacturing more than offset China’s retail malaise last year, sending YY’s net income attributable to shareholders up 158% to $296,347,000 from $115,072,000 on a 5% sales increase to $8,970,228,000 against $8,533,337,000. Profitability was helped by efforts to control costs and improve efficiency, which resulted in a 17% drop in selling and distribution expenses. Administrative expenses were roughly flat, and overall operating expenses leveraged easily on the higher top line. YY’s share of profits from equity method associates and joint ventures increased 77% to $46.5 million.

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