Despite concerns about the currency exchange rate in Brazil and competition from lower cost countries, one of Brazil’s largest footwear manufacturers Azaléia has posted a staggering 735% rise in net profit for the first quarter.

Net profit reached 79.4 million reals ($39.4 million) driven by product development, investment in technology, and reduced production costs. Gross revenues from sales totalled 253.9 million reals ($125.6 million), representing a 13.3% increase, with the largest increase recorded in the domestic market, where sales grew by 24.8% to reach 230 million reals ($114.2 million). Meanwhile, exports declined 40.3% decrease during the period.