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Texwinca holdings posts 15% dip in h1 revenue

Texwinca holdings posts 15% dip in h1 revenue Source: www.fibre2fashion.com
Date: 22-12-2013
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Amidst a challenging business environment, Hong Kong’s textile company Texwinca Holdings Ltd, witnessed a dip in revenue in the first half of the current financial year 2013-14.
 
The company, which is primarily engaged in the production and sale of dyed yarns & knitted fabrics, reported a 15 per cent decline in sales at HK$ 4,693 million in the six months ended 30 September 2013 from HK$ 5,519 million in the same period a year ago.
 
The company’s textiles business, witnessed a dip in net sales of 9.2 per cent at HK$ 2,513 million in the first half of FY 2013-14 from HK$ 2,767 million in the same period a year ago amid challenging global market conditions as business from the US market was unfavorable.
 
Favourable cotton prices in China led to stability in raw materials costs, resulting in an improvement of the gross profit margin of Texwinca Holdings Ltd to 20.9 per cent in the six months ended 30 September 2013 from 13.3 per cent in the same period a year ago.
 
Net sales from the company’s retail and distribution business fell 20.7 per cent to HK$ 2,172 million in H1 FY 2013-14 from HK$ 2,739 million in the same period a year ago as weak consumer sentiment in China crimped sales.
 
The group’s garment manufacturing business witnessed a 30.9 per cent rise in sales at HK$ 737 million in the six months ended 30 September 2013 from the year ago period.
 
Profit attributable to ordinary equity shareholders of the company stood at HK$ 380 million in H1 FY 2013-14.
 
The company expects a challenging business environment amid sluggish Chinese consumer spending and inventory problems in the country.
 
However, Texwinca Holdings reckons that its strong competitiveness, measures to improve brand image and operational efficiencies will help the company achieve good results in the second half of the current fiscal.
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