HONG KONG: Novel Denim Blames Q1 Loss On Madagascar Closure
Denim, chino and twill garment maker Novel Denim Holdings Limited today said first quarter results were hit by a labour dispute in Mauritius and the closure of its operations in Madagascar. For the first quarter ended 30 June 2002 the net loss was $6.2 million, compared to net income of $3.7 million in the first quarter of last year.