GHCL home textiles sales rise, profits down
GDA Staff -- Gifts & Dec, January 30, 2008
Mumbai, India – Diversified manufacturer GHCL Limited is nearly doubling its year-ago home textiles volume, even as operating profits constrict, as the company outlined in its just-posted third-quarter operating results.
For the quarter ended Dec. 31, 2007, the GHCL home textiles division showed sales of R$1.265 billion, or US$32 million, up 66% from R$763 million, or US$19 million for the same period in 2006.
For the nine months year-to-date, home textiles sales totaled R$3.126 billion, or US$79 million, up 100% over the R$1.562 billion, or US$40 million in the year-ago period.
Operating profit in home textiles has slumped dramatically, however, as the worldwide economy showed strains in late 2007 while GHCL continued to invest in the sector.
GHCL reported an opertaing profit of less than R$2 million, or US$40,000 in the quarter, down from R$77 million, or US$2 million a year ago. Year-to-date operating profits in home textiles were R$28 million, or US$710,000, down 72% from the year-ago sum of R$102 million, or US$2.6 million.
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