The company’s woven and knit business showed improved results during the nine months period, as compared to its knitwear business which showed a slight drop in profitability because of lower sales margins and start-up costs at Antsirabe, Madagascar.
The cluster posted profit before non-recurring items and taxes of $15.63 million, a growth of 2 per cent as compared to the same period in fiscal 2014-15.
CIEL’s consolidated profit before non-recurring items and taxes was down 10 per cent as compared to last year to $36.79 million.
However, consolidated revenue rose to $400 million, a rise of 15 per cent as compared to prior year.
“CIEL’s fundamentals remain strong and our strategy to consolidate our operations while expanding our international footprint will progressively bear fruit as demonstrated by the performance of our textile, finance and healthcare clusters in particular,” Jerome De Chasteauneu, Executive Director of the company commented on the results.
“We are making good progress in raising the level of efficiency and profitability, monitoring closely our cost structure, all of which should translate into improved results over time,” he added. (MCJ)
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