Leading Spanish textile manufacturer Dogi International Fabrics revealed today that its pre-tax earnings in the first nine months fell 16 per cent to 11.5 million euros.

Dogi, which specialises in manufacturing material for swimwear and lingerie, said sales during that period reached 114.9m euros, a 21 per cent increase on the year ago period.

In a statement, the company said sales had been affected by the recession in the US and that sales growth came mainly from the German and Italian markets as sales had fallen in other markets.

It added that its net profit figure was "at break-even, due to the combined effect of the shrinking of the global market and the financial costs derived from the acquisition of part of the elastic material companies of the Sara Lee-Courtaulds group."