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HINIH Group reports marginal growth in revenue
16
Dec '08
HINIH Group is the leading manufacturer of non-wovens and has displayed exemplary performance in the first eleven months of the current year in the face of unprecedented economic crisis across the globe.

The Company has achieved revenue of NT Yuan 2.91 billion in the period, though off course a modest growth of 5 percent year-on-year. This growth has come about due to high levels of sales achieved in the markets of the US and S.E Asia which has offset de-growth in China and a near zero growth in its home territory.

Despite the poor economic conditions, revenues for November registered NT Yuan 259 million representing a marginal growth of 2 percent compared to the same period of 2007. The Group has been able to realize sales of NT Yuan 74.98 million in November alone in shipments to the US, up by 30 percent, with the cumulative revenue touching NT Yuan 920 million for the eleven months of the current year, again up by 24 percent.

Due to the economic recession, consumers across the globe are tightening their purse strings, more particularly the US consumers which are also leading to a dip in automobile sales, the main buyers of products of the group. The Group has made adjustments in line with its Japanese Auto clientele who have relocated their operations in the United States.

The only major market where the group registered a negative growth rate was China, where sales fell by 5 percent to NT Yuan 132 million in the period January-November. Reasons attributed to the fall are labor contract law, increased pay costs, RMB appreciation and high inflation rates in the first half.

Fibre2fashion News Desk - China

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