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

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

India's fashion market to touch $30 bn by 2020: Report

The fashion market in India is estimated at $70 billion in 2016, with ...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ritu Kumar
Label Ritu Kumar

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search