Home / Knowledge / News / Textiles / Lower denim fabric sales at HELLENIC FABRICS
Lower denim fabric sales at HELLENIC FABRICS
01
Apr '10
HELLENIC FABRICS S.A. announces financial results twelve-month period 2009. 2009 was a year below expectations for group's sales and results, due to the persisting international financial crisis that affected the markets in which it is active.

The group concentrated mainly to lowering the production cost and to create cash inflows and working capital reduction through significant decrease of inventories and receivables, aiming at securing adequate cash flow.

The group's turnover for continuing operations, was reduced by –19.6% to the amount of €64.21 mln against €79.85 mln in 2008, mainly attributed to lower denim sales.

The parent company's turnover amounted to €46.86 mln against €63.27 mln in previous year, decreased by –25.9%, mainly affected by lower denim fabric sales, besides the fact that the company did not lose market share to competitors.

The gross profit margin for the group amounted to €-0.04 mln against €5.70 mln in 2008, mainly affected by the parent company's denim sector.

The gross profit margin of the parent company amounted to €-1.93 mln, showing a reduction against last year, where the gross profit margin amounted to €4.09 mln.

The reduction of the group's gross profit margin resulted to a proportional reduction of the group's EBITDA, from €0.80 mln in 2008 to €-6.40 mln in 2009. The amount includes one-off expenses for group's restructure that amounted in 2009 to €4.80 mln.

The parent's EBITDA amounted to €-8.27 against €-3.43 in 2008.

The parent company's financial results before taxes from the continuing operations amounted to €-12.32 mln from €-7.75 mln last year, while the group's financial results before taxes from the continuing operations amounted to €-13.52, against €-9.55 in 2008.

During the last quarter of 2009, sales of previous year's inventories were realized that resulted in positive cash flow, which though have negatively affected the results.

Consolidated net cash from operating activities during 2009 reached the amount of €3.20 mln against €-6.78 in 2008.

The financial year ended on 30.06.2009 for the subsidiary THESSALY COTTONG GINNING CO. S.A. resulted a profit before taxes of €310.82 thousand, while the EBITDA amounted to €1,590.16 thousand.

Positive were also the results of 2009 for the company BIODIESEL S.A., in which HELLENIC FABRICS S.A. participates by 25%. The profit before taxes reached the amount of €1,204.38 thousand.

The significant increase of new orders during the first months of 2010 resulted in an improvement of the sales turnover by 25% against the relevant period of last year.

As part of a strategic alliance with CRESCENT BAHUMAN LIMITED, based in Lahore, Pakistan, a new company under the name HELLENIC CRESCENT LTD was established based in the U.K. Through this partnership, announced by the company yesterday, HELLENIC FABRICS S.A. aims at increasing its sales by becoming more vertically integrated through offering denim garments. In that way,the group will target new market segments, and at the same time enhance its competitiveness and growth potentials in the world denim market.

HELLENIC FABRICS S.A.


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X