Textile and apparel maker Raymond Ltd has reported a net profit of R320.4 million for the second quarter of 2004, down from R394.9m in the year-before period.

Sales for the period totalled R3.39 billion, compared to R2.98bn in 2003, with a total expenditure of R2.98bn, compared to R2.41bn.

Raymond Ltd is the flagship company of the Vijaypat Singhania Group.