Mauritius clothing major CIEL Textiles sees first-half profits up 28%
For the six month period, the Knitwear cluster contributed the most across segments, with revenue of Rs 2.55 billion and profits of Rs 154.68 million. (Image: Reuters)
Mauritius-based clothing major CIEL Textiles has seen group profits rise by 28% to Rs 275.84 million for the half year ended December 31, 2013, supported by improved performance of the knitwear cluster.
The supplier of knitwear to UK’s Marks & Spencer as well as Next and Spain’s Zara, CIEL Textiles also saw a slight increase of 13.6% in group revenues which stood at Rs 5.02 billion for the half year ended December 31, 2013.
For the October to December quarter, the group profits saw an increase of Rs 42.29 million to hit Rs 104 million while revenue amounted to Rs 2.24 billion against Rs 1.94 billion for the corresponding period of 2012.
For the six month period, the Knitwear cluster contributed the most across segments, with revenue of Rs 2.55 billion and profits of Rs 154.68 million whilst the Woven segment raked in revenues of Rs 2.47 billion and a profit of Rs 121.16 million.
Besides, the future outlook looks good, and the company said it has satisfactory orders for the current quarter.
“Our order books for the next quarter are satisfactory despite challenging market conditions,” the company said in a statement on Friday.
The management added that profitability from their local operations remains moderate while international operations continue to generate improved returns and contribute to a major part of the group’s profits.
CIEL Textiles, which is listed on Mauritius’ secondary Development & Enterprise Market, also witnessed a rise in earnings per share from Rs 1.84 to Rs 2.50.
CIEL Textiles operates as a regional one-stop-shop, with vertical integration from spinning to finished products, offering complete apparel solutions for men, ladies and children wear.
The group has operational units in Mauritius, Madagascar, Bangladesh and India and continues to put in efforts to compete with European manufacturers towards the high-end market.