SPAIN: Tavex’s Q1 profits soar 35%
Spanish denim maker Tavex Algodonera has reported a 35% jump in first quarter operating profits to EUR2.8m (US$3.79m), helped by strong European sales and cost cutting efforts.
Sales jumped 3% to EUR84.2m and net profits totalled EUR349,000 compared with a EUR298,000 loss in the same year-ago period when the company began a major restructuring to return to profitability.
Tavex merged with Brazilian peer Santista Textil last March to achieve economies of scale, the company said.
Tavex said it has cut staff expenses by 7.2% during the period and has plans to lay off 300 workers from its Spanish factories. The manufacturer will gradually wind down its Alginet, Spain, yarn and dyeing factory before shuttering it by year end.
By Ivan Castano.
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