Yue Yuen is projecting a 55-60 percent increase in profits attributable to shareholders in FY24 to a range of $425.8-$439.5 million due to a “substantial rise” in branded customers demand for manufactured footwear. YY said that factor coupled with strong order fulfillment and a big improvement in capacity utilization rate/product efficiency fueled growth in both gross profit and operating profit within its manufacturing group.
But a tax dispute between two of YY’s subsidiaries and the Indonesian Tax Bureau related to 2017 could impact the amount of the company’s annual profit by 5-10 percent. Yue Yuen is slated to report its audited consolidated results for FY24 on March 11.
