Eagle Nice Sales, Profits, Gain in FY
Comprehensive net income grew 6% to HK$110,935,000 ($14.3 million) from HK$104,260,000 in the fiscal year ended Mar. 31 on 15% higher revenues of HK$1,757,316,000 ($226.2 million) vs. HK$1,534,592,000. The bottom line was pulled down by an additional HK$22 million in comprehensive items this year, primarily foreign exchange losses, and a gross margin that contracted 170 basis points to 18.3%. The shift to manufacturing higher-end woven sportswear has driven consistent topline gains, but higher materials and labor have cut into profitability. The company is working to improve efficiencies at its factories in Jiangxi and in ... Log in to view full article.