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2002-7-4 08:48:00 a.m. HKT, XFNA
Graneagle says Q1 garment ops sales volumes satisfactory
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HONG KONG (AFX-ASIA) - Graneagle Holdings Ltd (147.HK) said despite some
pricing pressure, first quarter garment sales volumes were satisfactory,
owing to stable consumer spending in the US.
In a statement accompanying its year to March results, Graneagle said it
expects sales volumes to remain satisfactory for the remainder of the year.
The company reported a year to March net profit of 2.233 mln hkd, down
from 3.169 mln a year earlier, on sales of 189.107 mln, down from 264.784 mln.
Although both profits and sales fell, the company's capital
reorganisation in August made it possible for the company to pay a dividend
of 0.01 hkd per share.
The company said pricing pressures from US retailers during the year
under review impacted profitability, causing the company's gross profit
margin to fall to 10.9 pct from 14.5 pct a year earlier.
Graneagle also said the disposal of its newspaper publication and off-set
printing subsidiaries also had a negative impact on earnings.
The company said it continues to focus on diversification into profitable
businesses in mainland China and is currently considering investments in
medical and healthcare centres, sewage fertilisers, wastewater management as
well as agricultural and fishing activities.
lmf/jr
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