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Pacific Textiles performs satisfactorily against challenging environment
27 Jun '11
5 min read
During the 2011 Financial Year, the Group took the initiative to diversify its production base to Vietnam by establishing a joint venture with Crystal International Limited, GSI Trading Hong Kong Limited and Toray Industries (H.K.) Limited for knitted fabric manufacturing business in Vietnam. This joint venture enjoys access to market in Japan with no tariffs and quotas and the low operating cost in Vietnam offers a cost effective production base for the Group. I am delighted to inform you that the investment licence was approved by the government authorities of Vietnam earlier this year and construction plans for the production facilities would be underway soon.
In November 2010, the Company was awarded China Knitting Industry Technology Award by the 4th Council of the China Knitting Industry Association. The award recognizes the Group's dedicated effor t in technology innovation in textiles industry. In addition, Mr. Choi Kin Chung, our Emeritus Chairman and non-executive Director, was awarded the China Knitting Industry Lifetime Achievement Award to recognize Mr. Choi's dedication and contribution to the textiles industry.
As disclosed in the various announcements made by the Company in the past few months, the Group had disposed par t of its shareholding interest in PT Sri Lanka under the Pre-IPO Private Placement to certain institutional and non-institutional investors in May this year. The Pre-IPO Private Placement was very successful. The spin-off of PT Sri Lanka for separate listing on the Main Board of the Colombo Stock Exchange is progressing well.
This move will undoubtedly enhance the profile of PT Sri Lanka and provide the operation a funding platform for future business development. After the PT Sri Lanka IPO, we will still be the largest shareholder of PT Sri Lanka and will continue to enjoy the benefits from the growth and development of the business through our shareholding interest.
Outlook
We look forward to the next year with confidence. We will continue to build on the achievements made this year. We will implement further measures to improve our production yield and quality assurance, enlarge product mix and technical capabilities to capture the increasing demand of fabrics from different markets underpinned by the rebound in the global economy.
However, recent events in the Middle East, North Africa and Japan, coupled with less than satisfactory economic data from developed economies are yet another reminders of the ongoing uncertainties in the global economy. Other factors that call for caution include fluctuating commodity prices, appreciation of the Renminbi and increasing operating costs. We will ensure that the Group will remain focused on sustainable growth and progressively strengthen our base in terms of products, technologies, production capacities and organisational efficiency.
With our strong business strategy and competent execution, we believe that we have the unique capabilities to forge ahead.
Click here for more details
In November 2010, the Company was awarded China Knitting Industry Technology Award by the 4th Council of the China Knitting Industry Association. The award recognizes the Group's dedicated effor t in technology innovation in textiles industry. In addition, Mr. Choi Kin Chung, our Emeritus Chairman and non-executive Director, was awarded the China Knitting Industry Lifetime Achievement Award to recognize Mr. Choi's dedication and contribution to the textiles industry.
As disclosed in the various announcements made by the Company in the past few months, the Group had disposed par t of its shareholding interest in PT Sri Lanka under the Pre-IPO Private Placement to certain institutional and non-institutional investors in May this year. The Pre-IPO Private Placement was very successful. The spin-off of PT Sri Lanka for separate listing on the Main Board of the Colombo Stock Exchange is progressing well.
This move will undoubtedly enhance the profile of PT Sri Lanka and provide the operation a funding platform for future business development. After the PT Sri Lanka IPO, we will still be the largest shareholder of PT Sri Lanka and will continue to enjoy the benefits from the growth and development of the business through our shareholding interest.
Outlook
We look forward to the next year with confidence. We will continue to build on the achievements made this year. We will implement further measures to improve our production yield and quality assurance, enlarge product mix and technical capabilities to capture the increasing demand of fabrics from different markets underpinned by the rebound in the global economy.
However, recent events in the Middle East, North Africa and Japan, coupled with less than satisfactory economic data from developed economies are yet another reminders of the ongoing uncertainties in the global economy. Other factors that call for caution include fluctuating commodity prices, appreciation of the Renminbi and increasing operating costs. We will ensure that the Group will remain focused on sustainable growth and progressively strengthen our base in terms of products, technologies, production capacities and organisational efficiency.
With our strong business strategy and competent execution, we believe that we have the unique capabilities to forge ahead.
Click here for more details
Pacific Textiles Holdings Limited
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