ISRAEL: Tefron swings to Q4 profit
- Q4 profit reaches $300,000
- Q4 sales surge 82%
- FY net loss of $4.3m
- FY sales increase 37.6%
Seamless apparel specialist Tefron has today (30 March) posted a profit in its fourth-quarter, on the back of increased sales.
Operating profit reached $250,000, compared to an operating loss of $13.9m last year, while sales surged 82% to $31.5m.
Tefron CEO Amit Meridor said: "The results of the fourth quarter continue the trend of the substantial change which took place in the company since the beginning of 2010 and we are proud of the substantial changes in the companies gross profit and the net profit."
"Tefron is investing a great deal in the development of new technologies in order to place it as a world leader in the seamless field for several years to come," Meridor added.
For the full-year, Tefron recorded a net loss of $4.3m, compared to a $22.7m loss the year before.
Operating loss was reduced by 85% to $3.5m. The company said the main reasons for this was the "application of the turnaround program, the increase in sales, inter alia as a result of the Nouvelle deal, a decrease in depreciation expenses, and a reduction in administrative and general expenses".
Sales increased 37.6% to reach $118.4m. During the reporting period the company said it significantly expanded its activity among customers in North America.
During the year, Tefron said it invested in new technologies, in the promotion of the strategic merger with Italian textile maker Cifra and focussed resources to reinforce its status among its main customers.
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