Apparel manufacturer Gazal Corp Ltd on Friday said it expected to at least match last year’s results and had agreed a new licence with French label Kookai for women's lingerie and swimwear.

Chairman Albert Harris, who told shareholders the firm was chasing several other licences, especially in the youth market, said results for the first third of fiscal 2003 were ahead of last year’s.

He added: "Trading conditions for the apparel industry throughout the past year have continued to be difficult." Gazal posted a net profit of $5 million for fiscal 2002.