Chinese shoe manufacturer Yue Yuen Industrial Holdings Ltd posted a 48 percent fall in first-half net profit on Thursday, as it booked provisions to improve employee benefits - steps it has taken after it suffered from a major strike earlier this year.

Thousands of Yue Yuen workers took to the streets in March, only agreeing to go back to work after the footwear maker for companies including Nike Inc and adidas AG pledged to offer better benefits to them.

Net profit slid to $101.4 million, down from $194.45 million in the same period a year earlier. Revenue rose 6.8 percent to $3.95 billion, the company said.

Reuters - Global Times