Benefiting from the production system to optimize the use of raw materials and labor efficiency, Xinxing footwear (01170.HK) announced a year-on-year net profit of 105 million yuan, an annual growth of 97.4%, earnings per share of 16.43 cents, ending interest 7 cents, a total of 8.6 cents a year.

During the period, turnover was 1 billion 290 million yuan, down 11.9%, including an average selling price reduction of 4.5% and a reduction of 8.5% in footwear production.

Gross profit was 284 million yuan, increased by 46.7% annually, and gross margin increased by 8.8 to 22%.

Cash and equivalent items are $527 million at the end of March.

The group will continue to implement product innovation, further increase market share, regional expansion and excellent operation strategy, and cautiously optimistic about growth in fiscal year 2011.