Welcome to Fibre2fashion.com    
fibre2fashion
Pilbloc
Textile   |   Apparel   |    Fashion   |   Technology   |   Technical Textiles    |   Corporate   |   Associations Android app on Google Play
 
Home >> News
 

Tungtex (Holdings) Company posts dip in H1 sales

December 16, 2013 (Hong Kong)

Dragged down by lower sales from its major market, North America, Hong Kong’s Tungtex (Holdings) Company Ltd witnessed a dip in sales revenue in the first half of the current financial year.
 
The manufacturer of fine ladies’ fashion posted a dip of 5 per cent in consolidated revenue at HK$ 696 million in the six months ended September 30, 2013 from HK$ 732 million in the same period a year ago.
 
Lower export demand and continuously tough retail business environment in mainland China was attributed to the decline in sales performance in the first half of FY 2013-14.
 
Sales in North America, which account for nearly 75 per cent of the company’s total turnover, fell by 7.9 per cent to HK$ 520 million in H1 FY 2013-14 from the same period year ago amid subdued consumer sentiment.
 
The company’s sales in Europe and other markets fell 11.7 per cent to HK$ 52 million in the six months ended September 30, 2013 from the year ago period amidst a tepid economic recovery in the Euro area which only overcame a record long recession earlier this year.
 
However, sales in Asia rose 13.6 per cent to HK$ 124 million in the first half of 2013-14.
 
Retail sales in mainland China rose 22.4 per cent in H1 2013-14, year on year, and accounted for nearly 15 per cent of total sales.
 
While the company continues to face a severe retail business environment amid tough competition between local and international brands, Tungtex (Holdings) Company is banking on robust retail expansion as its long-term growth driver.
 
Amidst the weak retail sales performance, the company witnessed a net loss of HK$ 207 million in H1 FY 2013-14.
 

Fibre2fashion News Desk - India

 
Email this
Story
Print this
Story
Letter to
Editor
Sign Up for
News Letter
Search
Companies
 
 
  RSS