Fabric manufacturer and distributor Veltex Corporation today reported a 26 per cent jump in first half 2002 profit to $350,000 up from $277,072 in the same period in 2001.

Revenues for the period were $6.28 million, up over 25 per cent from the $4.97 million recorded a year ago.

Veltex secretary/treasurer, Mr GS Gill said the company's production run is already committed through September, "which suggests that we are well on our way towards achieving our goals for 2002."

Gill also mentioned that the company intends to capitalise on its success by increasing its trucking capacity by 50 per cent or more.

For 2003 Veltex is projecting possible revenue of $33 million, and potential net profits of $8.6 million based on the company's current acquisition and internal growth.

Veltex has a manufacturing facility in Bangladesh and a sales and marketing office in Los Angeles, California. The company is currently producing 100 per cent cotton twill, duck, and sheeting to fill existing orders and has also started to produce caps, twill shirts, and T-shirts to meet the demands of additional buyers in the US.

The business combines the benefits of a low-cost Bangladeshi labour force with management and technical personnel from the United States. The market in the US is particularly favourable for Veltex because there are currently no US quota restrictions on its products imported from Bangladesh.