Spanish stretch-fibres maker Dogi has posted a EUR19.3m (US$24.6m) first-half net profit – its first in as many years – as sales rose 2.5% to EUR33.9m, the company announced in a regulatory statement.
Still, operating profits fell to EUR3m as the Barcelona-based firm continued to streamline its business, which recently emerged from bankruptcy.
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“Despite the positive development of the business and the bankruptcy exit, our results continue to suffer form weak sales in our Spanish plant, at least compared with those in our US and Chinese factories where sales continue to rise moderately,” the company said in a statement with stock market watchdog CNMV.
Dogi continues to work on its viability plan through which it hopes to divest non-core assets and explore new financing alternatives. The company recently sold its Sri Lankan factory and is looking to exit a Thai manufacturing joint venture. Dogi added it hopes to re-list on the Spanish Stock Exchange in coming days.
Meanwhile, Spanish textile exports seem to be rebounding amid higher demand from key foreign markets. In the first half of the year, they rose 5% to EUR3.9bn, according to textiles lobby Consejo Intertextil, which said exports should continue to grow in the second half.
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