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Eagle nice (intl) holdings sees modest rise in h1 sales

Eagle nice (intl) holdings sees modest rise in h1 sales Source: www.chinatexnet.com
Date: 19-12-2013
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Driven by an increase in customer base and diversification in product offerings, leading Hong Kong sportswear and garment manufacturer Eagle Nice (International) Holdings Ltd posted decent revenue growth in the first half of the current financial year 2013-14.
 
Eagle Nice (International) Holdings, which is one of the major sportswear manufacturers in Asia, reported a 4.9 per cent rise in total consolidated sales to HK$ 867.9 million in the six months ended 30 September 2013 from HK$ 827.5 million in the same period a year ago.
 
The company’s modest rise in sales revenue in H1 FY 2013-14 came amidst a slowdown in demand for sportswear and sluggish global economic growth amidst a tepid recovery in major developed markets such as the US and the European Union and decelerating growth in China.
 
The US, the People’s Republic of China and Europe were the top three markets for Eagle Nice (International Holdings) in the first six months of FY 2013-14, accounting for 33.1 per cent, 21.5 per cent and 15.8 per cent of total sales, respectively.
                                         
The US, which replaced China to become the company’s leading market, witnessed a rise of 55.2 per cent in sales at HK$286.9 million in the six months ended 30 September 2013 from the same period a year ago amid increase in orders.
 
However, sales in Europe declined by 19.4 per cent to HK$ 136.8 million in H1 FY 2013-14, year on year while that in the People’s Republic of China witnessed a dip of 25 per cent to HK$ 186.8 million in the same period amid slowdown in domestic growth, weakening demand for sportswear, growing competition and restructuring of retail outlets by domestic sporting brands in recent years.
 
Rising material costs and the appreciation of the Chinese Yuan weighed on profitability as consolidated profit attributable to owners of the company witnessed a dip of 43.5 per cent to HK$ 40 million in the six months ended 30 September 2013 from the same period a year ago.
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