Home / Knowledge / News / Textiles / Revenues grow by 24.6% at Pacific Textile Holding
Revenues grow by 24.6% at Pacific Textile Holding
05
Aug '10
Wan Wai Loi, Chairman of Pacific Textiles Holdings Ltd presents the annual report of the Company for the year ended 31 March 2010.

The global financial crisis and economic downturn, our Group has delivered impressive results for the 2010 Financial Year. We delivered on our financial commitments and continued to pursue new long term growth opportunities while reducing costs. The Group's ability to lead such a significant performance, particularly in challenging times, is a testament to its capabilities and excellence.

Economic Overview and Financial Performance
The global economy was overshadowed by continued instability and uncertainty in the beginning of 2009, when we started the financial year under review. Amidst intensified liquidity issues and credit crunch, we saw stabilisation programs which included drastic macroeconomic measures together with massive easing policies implemented by governments around the world.

Although by mid 2009, the global economy started to pull out of the recession and there were tentative signs of gradual stabilisation and improvements, a sustained recover y was still very much in question. Against this economic backdrop, the Group managed to strengthen its core competencies and achieved growths in revenue and sales volume, thanks to the Group's sound financial position and operational efficiency in times of difficulties.

The Group's gross profit for the year and the net profit attributable to equity holders amounted to HK$1,221.8 million and HK$803.2 million respectively. Earnings per share was HK$0.56, compared to HK$0.26 in the previous financial year, representing an increase of 115.4%.

During the 2010 Financial Year, our overall capacity increased slightly over 10% year-on-year. Sales volume of the Group reached 195.8 million pounds, a growth of 24.6% compared to 157.2 million pounds in the previous year.

The Board of Directors has proposed a final dividend of HK17 cents per share. Together with an interim dividend of HK13 cents per share paid on 8 January 2010 and a special dividend of HK 22 cents per share paid on 25 February 2010, the total dividends for the financial year will be HK52 cents per share.

Business Overview
In the 2010 Financial Year, we continued to see the textile industry going through waves of consolidation, as industry participants faced stiff competition in a still unfavorable economic environment. With the Group's sound financial position, we were able to leverage on our core competency to achieve substantial growth.

As the economic climate of US and EU markets remained sluggish, we continued the process of geographic diversification by focusing on market expansion opportunities in Japan and China, while maintaining strong relationships with our existing customers. Growth in sales volume to the Japanese market was very satisfactory. On China's domestic market front, the Group is also making good progress through our active pursuit in sales expansion and market penetration. We will continue to increase our efforts to tap into the fast-growing Chinese market.

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

Benetton seeks approval for FDI in single-brand retail

Global fashion brand Benetton Group, has sought Indian government's...

Apparel/Garments | On 26th May 2017

Walmart to conduct GST workshops for SME suppliers

With the objective of supporting its small and medium-sized (SME)...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

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

Rupa Sood and Sharan Apparao
Nayaab

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

Karan Arora
Karan Arora

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

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

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