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GSI Creos Corp posts 24% rise in H1 sales
Jan '14
Driven by robust performance from its fiber-related business, Japanese textile company GSI Creos Corporation witnessed a strong rise in sales revenue in the first half of FY 2013-14.
The company, which is primarily engaged in the textile-related business, reported a 24 per cent rise in consolidated net sales at 76,212 million yen in the first six months of the FY 2013-14 from 61,453 million yen in the same period a year ago.
Sales from the company’s main business segment, the fiber-related business rose by 26.2 per cent to 63,226 million yen in the six months ended 30 September 2013 from the same period a year ago.
While trading volume of raw yarn increased significantly the company witnessed strong overseas sales of fabric from Asia, Europe and the US helped by a weaker yen.
The company’s fabric-related business witnessed a profit of 825 million yen in the six months ended 30 September 2013, up by nearly 45 per cent from the same period a year ago.
Apart from export, import and domestic transactions of textile products, the company’s textile segment is also engaged in the design, manufacture and sale of women's inner fabrics, sale of yarn for stockings and socks, the manufacture and sale of children's socks and apparel and the manufacture of crepe underwear.
However, a weaker yen raised production costs by making imports more expensive, weighing on the company’s overall profitability in H1 FY 2013-14.
GSI Creos Corporation witnessed a nearly 24 per cent dip in consolidated net profit at 470 million yen in the six months ended 30 September 2013 from the same period a year ago.

Fibre2fashion News Desk - India

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