Interim profit of Texwinca (0321) up 63% YoY ----------------------------------------------------- Texwinca reported its interim results for the six months ended 30 September 2013. During the period, turnover dropped 15% YoY to HK$4.69bn. The retail operations under the Baleno brand also saw a 14% drop in sales to HK$1.24bn. However, stable raw material prices led to an expansion of gross margin to 20.9% from 13.3%, driving a 63.6% YoY growth in net profit to HK$380m. The strong bottom-line growth of Texwinca was driven by higher gross margin, but it is unlikely to be sustainable. Instead, the downtrend in sales would draw more attention from investors. Michael TAM, CFA.
Posted on: Mon, 25 Nov 2013 02:54:27 +0000
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