The global economic downturn and terrorist attacks in the US are blamed by silk apparel manufacturer High Fashion International Limited for a drop in profit to HK$101.9 million (US$13.06 million) for the financial year ended 30 September 2001. This compares to HK$133.9 million in 2000. The loss of the group's retail business and web business development expenses, and the closure of a joint venture garment operation in Southern China, are also said to be responsible.