China Eratat Sports Fashion, the fashion footwear and apparel company based in Jinjiang, Fujian province, posted a 23.3% fall in net profit after tax to RMB96.6 million ($19.9 million) for the full year ending March 31 (FY2010) from RMB125.9 million in FY2009.

Revenue jumped 15.6% to RMB898.7 million in FY2010. Sales from Eratat brand footwear jumped 14.9% to RMB531.0 million, but this was offset by a reduction in the sale of Third-Party Brand footwear. Sales from its apparel segment grew by 34.6% to RMB347.9 million.

But net profit fell as there was no foreign exchange translation gain, unlike last year when the group recorded a foreign exchange translation gain of RMB14.1 million resulting from appreciation of Renminbi against Singapore dollars.

In addition, Haimingwei, the group’s subsidiary, no longer enjoys concessionary tax rate of 12% since January 1, 2009, thus resulting in higher tax expense during the current financial year.