LOWER THAN EXPECTED: Weak order visibility for OEM shoes along with slowing retail sales in China amid sinking demand affected the firm’s second-quarter results
Date: Aug 17, 2020
By: Chen Cheng-hui / Staff reporter
Shoemaker Pou Chen Corp (寶成工業) on Friday reported a net loss in the second quarter due largely to declining sales and operating losses.
The world’s largest contract maker of branded athletic and casual footwear also has investments in footwear retailing and land development, as well as in financial services providers such as Nan Shan Life Insurance Co (南山人壽).
In the April-to-June quarter, net losses were NT$525.97 million (US$17.8 million), compared with net profit of NT$4.03 billion in the same period last year and net profit of NT$1.19 billion three months earlier, the company’s financial statement showed.
It posted losses per share of NT$0.18 in the second quarter, compared with earnings per share of NT$1.37 a year earlier and NT$0.4 the previous quarter. [FULL STORY]