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Garment Co Jerasia to balance its trade between US & Europe
29
Aug '08
Jerasia Capital Bhd, a leading garment manufacturer and retailer has plans to increase its exports to Europe with the objective of balancing the ratio between US and Europe to 50:50.

Presently, around 85-90 percent of the company's garments are exported to the US while the remaining is traded with Europe. After an annual general meeting of the company on August 27, Mr Pronob Sengupta, Executive Director of Jerasia, told the media, “We want to increase the exports to the European market, without decreasing our exports to the US. We are currently in talks with two buyers from France and Spain. Our talks are in advanced stage now, and we hope to conclude them by year-end.”

The annual production capacity of Jerasia is said to be 20 million pieces and achieving a 50:50 export target for Europe and the US would be possible in medium term.

Mr Sengupta further informed that, “Global uncertainties, the US credit chunk, higher oil prices and commodity prices have affected our exports. We will see flat growth in exports in the second and third quarter, but we expect exports to pick up by the fourth.”

Profits in the first quarter ending June'08, experienced a drop of 12.05 percent to RM1 million from RM1.15 million recorded a year earlier. Turnover also saw a marginal plunge of R63.6 million as against RM63.7 posted in the previous fiscal.

Slowdown in the economic conditions of key markets, weaker demand in line with declining consumer spending and lowering in income from exports when converted to local currency due to the devaluating US dollar led to a drop of 28.3 percent in export turnover or RM8.8 million to touch RM22.2 million.

However, the company's retail presence with over 60 stores in Malaysia for international and local brands was not impacted adversely. Some of its international brands include MNG Mango, Naf Naf, Calvin Klein and Nike while its homegrown brands encompasses Ladylike, Charlie, Milani and Ureka.

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