MAURITIUS: Ciel Textile full-year profit soars
Mauritius-based clothing manufacturer Ciel Textiles saw full-year profit soar on the back of good order books, improved efficiency and aggressive cost reduction measures.
The company, which supplies retailers including Marks and Spencer, Next and Zara recorded MUR476m (US$15.6m) net profit over the year ended 30 June, against MUR210.4m in the prior year. Revenue rose 9.7% over the year to reach MUR8.6bn.
The company said that while all clusters and countries contributed positively to the result, 70% of profitability was generated from its international operations.
Ciel Textiles anticipates first half earnings to be lower, admitting that external factors remain "generally negative" both in its major markets and on the currency front. It plans to increase its sales potential and "limit margin erosion due to excess supply over demand".
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