Technical textiles company ADS Inc on Thursday posted a slump in second quarter net income to C$586,000 from C$784,000 in 2001 amid flat sales of C$23.4 million.

The Quebec-based firm said sales in the technical textiles sector were affected by the drop in orders in the footwear market and a lag in the order book of a joint venture company.

Chairman and CEO, Paul Drouin, commented: "As we mentioned last June, our second quarter sales are in line with last year's. As of the next quarter, we should see satisfactory and profitable growth in our activities.

"We still believe that we will achieve our business goals for the year. This takes into account two more difficult quarters at year opening. Before mid-October, we should complete the acquisition project in Mexico and thus be able to count on additional sales of nearly C$6m as of next year".