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 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

PVH Corp Q1 2017 revenue rises 4%

The first quarter revenue of fiscal 2017 at apparel marketer PVH Corp ...

Courtesy: Levi Strauss & Co

Apparel/Garments | On 26th May 2017

LS&Co. to fund water saving solutions

LS&Co. will fund to the tune of more than $350,000 the solutions...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

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

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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