Crystal International profit drops to US$60m, capacity cuts to trim revenue

Business | 21 Aug 2019 4:22 pm

Apparel manufacturer Crystal International (2232) said net profit excluding one-time costs for the first half this year shrank by 14.8 percent year-on-year to US$60.07 million (HK$468.5 million).

Revenue fell by 4.75 percent to US$1.14 billion, from a year ago.

Sales revenue from mainland China market decreased by 27.7 percent year-on-year to US$309 million as a result of the company's policy to move production to lower-cost countries.

Revenue from markets outside China grew by 8 percent from a year ago to US$833 million.

The reduction of capacity in China is expected to weigh on the growth of group revenue in the remainder of 2019, the company, said.

Cyrstal declared an interim dividend of 4 HK cents.


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