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Textile industry production dives by 18.8%
Jul '10
During the first five months of 2010, Greek textile industry registered 18.8 percent fall in its production volume, after having recorded losses in small number in 2009, which was equal to 16.5 percent of its revenues.

As per data revealed by Hellenic Statistical Authority, production volumes in May dived by 21 percent and overall it plummeted by 54.5 percent as compared to May 2005. Last year, although the industry managed to lessen its losses, it was still one of the worst years for the Greek textiles industry.

As per reports compiled by ANA-MPA, on the basis of balance sheets of 65 biggest textile industries, having sales over 3 million Euros and net sales of 691.1 million Euros, depicted that, 53.8 percent of the overall firms in the sector, witnessed total profits of 15.6 million Euros, whereas, the remaining 30 recorded net loss of 129.8 million Euros.

However, as against 2008, net results improved by 13 percent. Revenues fell by 4 percent and net earnings dived by 21 percent. EBITDA was down by 26 percent and operating earnings (EBIT) plummeted by 3 percent, depicting lesser amortizations.

The 35 beneficiary firms recorded total sales of 379.2 million Euros, whereas sales by 30 loss making firms came to 311.9 million Euros. The overall sales dived by 4 percent.

Fibre2Fashion News Desk - India

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