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Taiwanese textile firms foresee slack business in H2
27
Jun '12
Leading textile manufacturing companies in Taiwan are not very optimistic about their performance in the second half of 2012.
 
During the first five months of the current year, Taiwan’s leading textile firm Makalot Industries Ltd. grossed net revenue of NT$ 6.22 billion, showing a year-on-year growth of 8.35 percent.
 
New Fibers Textile Corporation, another major textile company, earned revenue of NT$ 11.161 billion, showing a decline of 4.08 percent year-on-year, during the five-month period.
 
Singkong Textile Co. Ltd. clocked a turnover of NT$ 342 million, registering 1.44 percent year-on-year growth during January-May 2012.
 
All these companies are already experiencing the effect of slack retail market across Europe.
 
To cope with the declining demand situation, Makalot has reduced the average selling price of its products and hence, it is expecting its total revenue to decline in the second half of the current year and fall below the amount grossed in the first half.
 
New Fibers and Singkong will also be indirectly affected by the ongoing financial crisis in several European countries, as around 30 percent of their exports are usually destined to China, which is likely to be impacted in the coming months by the deteriorating economic situation in Europe.
 
To beat the downturn, Makalot is planning to widen its clothing business by promoting its apparel brand this year, whereas New Fibers is planning to diversify its business into non-textile areas.
 

Fibre2fashion News Desk - India

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