Ciel Textiles 9-month profit rises on woven gains
- 9-month profit increases 16.2% to MUR437.9m
- Revenues up 3.2% to MUR7.39bn
- Woven cluster revenues jump 52.8%
A strong performance from its woven division helped Ciel Textiles, the Mauritius-listed clothing business which supplies a number of European retailers, to book a double-digit increase in profit for the first nine months of the fiscal year.
Net profit reached MUR437.9m (US$12.5m) for the nine months to 31 March, compared to MUR376.9m in the same period a year ago. Revenue increased 3.2% to MUR7.39bn from MUR7.16bn last year.
The woven cluster saw profit after tax jump 52.8% to MUR287.7m from MUR188.3m, while revenues from external customers grew 10.6% to MUR4.03bn from MUR3.65bn a year ago.
However, the knitwear, knits and retail sector posted a 20.4% decline in profit after tax to MUR150.2m from MUR188.6m last year, and revenues from external customers fell 4.5% to MUR3.36bn from MUR3.52bn in the prior year.
Based on current order books, Ciel said results for the full year should improve on last year. "The group remains focused on aggressive sales initiatives coupled with strategic measures to improve its effectiveness," it added.
Help test our new apparel sourcing tool.
- China leads US apparel sources with falling prices
- Hard hit Turkish industry is not knocked out
- Vietnam grows share of US apparel imports in 2016
- US apparel sector braces for potential cost hikes
- Trade Tracker – Trump's first weeks, Brexit agenda
- US Q4 in brief – Chico's FAS, TJX Companies
- VF Corp sees Q4 and FY earnings tumble
- Bangladesh crackdown has cost garment sector $100m
- Adidas and Burberry recognised for sustainability
- $136m funding for Made in NY garment-making hub
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Global market review of lingerie – forecasts to 2022
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar