HONG KONG: Novel Denim Sees Wider Q1 Loss
Clothing maker Novel Denim Holdings Ltd on Thursday warned it expects a worse-than-expected first quarter loss of 67-70 cents a diluted share due to rising air cargo costs and reduced garment production efficiencies. The Hong Kong-based company, which has factories in China, South Africa and Mauritius, had originally forecast a loss of 22 cents a share which included costs linked to the axing of several plants in Madagascar.
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