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2002-7-18 10:12:00 a.m. HKT, XFNA
Takson Holdings - FY net loss due to US downturn; lower sales/margins
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HONG KONG (AFX-ASIA) - Takson Holdings Ltd (918.HK) said it was unable to
return to profit in the year to March as the US economic downturn cut into
sales and profit margins.
In the year to March, the company booked a net loss of 33.892 mln hkd,
compared with a loss of 69.836 mln a year earlier. Sales fell to 238.564 mln
hkd from 514.357 mln, it said.
During the period, the company also booked a loss of 18.896 mln hkd for
the write-off of its textile quota, compared with 18.756 mln hkd a year
earlier, it said.
The company said the sales reduction was directly related to Sept 11,
which further eroded customer confidence. The company's measures to control
costs and ensure constant quota supply were not strong enough to turn around
the losses.
Looking ahead, the company said sales should improve in the late third
and fourth quarter this year, with its US customers expected to have cleared
most of their inventory and move to replenish stocks.
The company ahs been granted exclusive rights by HEAD Sport AG for the
design, manufacturing and distribution of HEAD apparel in China, Hong Kong,
Macau and Taiwan, it said.
It said demand for sports apparel should gradually increase in the
Greater China region.
At the end of March, the company had cash reserves of 34.682 mln hkd,
compared with 42.889 mln a year earlier. Net borrowing fell to 39.148 mln hkd
from 70.501 mln. Gearing was 0.8 times, unchanged from the previous
corresponding period, it said.
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