• FY net profit soared 113.3% to HKD803.2m
  • Revenues rose 24.3% to HKD5,883.4m
  • To increase efforts to tap into Chinese market 

Customised knitted fabrics manufacturer Pacific Textiles Holdings Ltd has more than doubled its full-year profit, as higher sales and lower costs helped offset the impact of the economic downturn.

For the year to 31 March, net profit soared 113.3% to HKD803.2m (US$103.3m), up from HKD376.5m a year earlier.

Revenues rose to HKD5,883.4m, a jump of 24.3%  on last year's HKD4,734.8m, thanks to increased production capacity and high utilisation rate.

Despite the difficult environment, total sales volume increased by 24.6% to 195.8m pounds, up from 157.2m pounds a year ago, with the average selling price staying steady at HKD30.1 per pound.

Gross profit margin grew to 20.8% from previous 14.5%.

The group's distribution and selling expenses fell 9.5% from HKD149.9m in the previous year to HK$135.7m.

Pacific Textiles, which designs, knits, dyes, prints and finishes fabrics for customers including Maidenform, Marks & Spencer, Triumph, Uniqlo, VF Intimates and Victoria's Secret, said it managed to offset a slowdown in the EU and US by building its sales in Japan and China as well as expanding its production capacities.

Looking ahead, it said it will increase its efforts to tap into the fast-growing Chinese market, and expects to benefit from this and the gradual recovery of the international economy.

But the company issued a note of caution on the rise of commodity prices and production costs, yuan appreciation and the uncertainty of long-term economic growth.