US: Unifi Q4 profit trimmed by tax bill
- Q4 net profit down 7% to US$10.5m
- Q4 net sales up 6.8% to $200.7m
- FY net profit up 44% to $16.6m
Yarn company Unifi recorded a 7% cut to its fourth quarter profit, hit by lower earnings from unconsolidated affiliates and higher income tax.
Sales were up 6.8% in the three months to 30 June at the US business, which reported continued strong shipping volumes, with growth in US retail helping yarn operations in North America and China.
For the full year, net sales edged up 1.3% to US$714m, while net income was up 44% to $16.6m.
“Conversion margins for the June 2013 quarter improved, as raw material prices decreased, allowing us to recover margins lost during the run-up of raw material prices in the March 2013 quarter,” said Bill Jasper, Unifi chairman and CEO.
“We are very pleased with the overall progress of our mix enrichment programme and rigorous, continuous improvement efforts.”
President and COO Roger Berrier added that fiscal 2013 had been successful for value-added yarns, particularly the company’s flagship product, Repreve.
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