The net income excluding one-time items was $7.2 million for the 2017 first quarter, representing an 8 per cent decrease from $7.9 million in the first quarter last year. Net income was $5.6 million in the first quarter of 2017, compared to $7.9 million in the first quarter last year, representing a 29 per cent decrease.
Similarly, the operating profit excluding one-time items amounted to $12.9 million for the first quarter of 2017, compared to $14.8 million for the first quarter last year, representing 13 per cent decrease. Operating profit was $10.2 million for the first quarter of 2017, compared to $14.8 million in the same period last year, representing 31 per cent decrease.
"We are pleased with the continued strength of our diversified business model. Our first quarter results were in line with our plan, and consistent with Delta’s historical performance of generating higher profits in the second half of the year," said Isaac Dabah, CEO of Delta Galil.
"During the quarter, we made meaningful changes in our company that will improve our efficiency and production capacity. We started to run our Vietnamese factory with 750 new employees, and are on track to have our first orders shipped in April 2017. We expect the facility to reach full operational status in 2018," said Dabah.
"Also during the quarter, we signed a licensing deal with Calvin Klein Inc. to develop, produce and distribute boys and girls underwear, sleepwear and socks for the brand. This represented an important step in our ongoing strategy of enhancing our branded portfolio and broadening our presence in the premium sector," Dabah added. "We continue to have a strong balance sheet to support our acquisition strategy, and we remain focused on growing our global business segment, while attaining strong EBITDA growth in 2017 and beyond." (RR)
Fibre2Fashion News Desk – India
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