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Pacific Textiles to put more efforts to develop new fabrics
21 Jul '08
4 min read
The management sees the PRC market with huge potential and the Group shall continue to deploy more resources into this new business arm. During the year, the Group expanded its China domestic sales team to further penetrate into this enormous market.
During the reporting period, SPM Automotive Textile Co Ltd., the Group's automotive fabric joint venture with Suminoe Textile Co Ltd and Marubeni Corporation, made satisfactory progress.
Initial product development was completed and sales began to take off. Progress of Fillattice-Pacific Limited, the Group's 50/50 joint venture with Fillattice S.p.A., was also on track and sales have begun in the third quarter of the year under review.
Business Outlook:
Commenting on the future strategy of the Group, Mr. Wan Wai Loi, Chairman of Pacific Textiles said, “Looking forward, although the uncertain economic climate in the US will still impact the operating environment of the fabric manufacturing industry, we are confident to maintain the Group's competitiveness by exercising stringent cost-control strategies and pursuing market diversification.
We are confident about the global textile market, especially in China. We shall continue to leverage on our established clientele and our unique positioning with value-added products and services, to further expand into the PRC market and capture the enormous opportunities brought by the growing demand of the domestic apparel market.”
In addition to its continuous effort to strengthen and consolidate its leading position in manufacturing complex, value-added fabrics, Pacific Textiles will also continue to further explore other markets, including the non-apparel products, to further broaden its customer base.
Research and development efforts will be put on developing new types of valued-added fabrics to enhance profitability in the long run.
At the same time, the Group will continue to explore potential strategic partnerships that will create added value and synergistic benefits to its existing business.
Mr. Wan concluded, “With our unique positioning with value-added products and services, strong manufacturing capabilities in complex fabrics and solid financial position, we are confident that the Group possesses the competitive attributes and qualities to further consolidate our market leadership position and take us into the next level.”
During the reporting period, SPM Automotive Textile Co Ltd., the Group's automotive fabric joint venture with Suminoe Textile Co Ltd and Marubeni Corporation, made satisfactory progress.
Initial product development was completed and sales began to take off. Progress of Fillattice-Pacific Limited, the Group's 50/50 joint venture with Fillattice S.p.A., was also on track and sales have begun in the third quarter of the year under review.
Business Outlook:
Commenting on the future strategy of the Group, Mr. Wan Wai Loi, Chairman of Pacific Textiles said, “Looking forward, although the uncertain economic climate in the US will still impact the operating environment of the fabric manufacturing industry, we are confident to maintain the Group's competitiveness by exercising stringent cost-control strategies and pursuing market diversification.
We are confident about the global textile market, especially in China. We shall continue to leverage on our established clientele and our unique positioning with value-added products and services, to further expand into the PRC market and capture the enormous opportunities brought by the growing demand of the domestic apparel market.”
In addition to its continuous effort to strengthen and consolidate its leading position in manufacturing complex, value-added fabrics, Pacific Textiles will also continue to further explore other markets, including the non-apparel products, to further broaden its customer base.
Research and development efforts will be put on developing new types of valued-added fabrics to enhance profitability in the long run.
At the same time, the Group will continue to explore potential strategic partnerships that will create added value and synergistic benefits to its existing business.
Mr. Wan concluded, “With our unique positioning with value-added products and services, strong manufacturing capabilities in complex fabrics and solid financial position, we are confident that the Group possesses the competitive attributes and qualities to further consolidate our market leadership position and take us into the next level.”
Pacific Textiles Holdings Limited
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