Fountain Set (Holdings) Ltd today reported a 29.2 per cent increase in full-year net profit HK$350.5 million from HK$271.4 million a year earlier.

The results were below forecasts and reflect a second half surge in cotton prices. 

Revenue in the year ended 31 August increased to HK$5.55 billion from HK$4.91 billion, while operating profit rose to HK$496.1 million from HK$436.8 million.

Earnings per share were 44.7 HK cents, up from 34.9 HK cents a year earlier.