MAURITIUS: Cost cuts help Ciel Textiles treble 9-month profit
Mauritius-based apparel major Ciel Textiles has seen its nine-month profit more than treble thanks to improved efficiency and aggressive cost cutting.
The group said that despite the "challenging environment" in its traditional markets, profit in the nine months to 31 March soared to MUR297.2m (US$10.3m), from MUR92.5m in the same period last year. Revenues jumped 10.7% to MUR6.2bn, up from MUR5.6bn last time.
The company said most of its profit is generated from international operations. The vertically integrated company has units in Mauritius, Madagascar, India and China and produces garments for stores such as Marks & Spencer and Next in Britain and Spanish fashion chain Zara.
For the third quarter, profit rose 42.8% to MUR68.7m, while revenues jumped 20% to MUR1.8bn.
It said trading conditions remain difficult in its major export markets, "with very aggressive pricing from competitors as a result of excess supply."
However, while results for the fourth quarter of the current financial year are "expected to be satisfactory," the current socio-political climate in Madagascar and the relative strength of the Mauritian Rupee remain areas of concern.
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