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Results
Patspin’s performance maintained
For the first quarter ended June 30, 2003, Patspin
India improved its sales to Rs 26.28 crore as compared to Rs 23.20 crore of
the corresponding quarter of the previous year. Cash profit was at Rs 3.63 crore
as against Rs 3.75 crore of previous period. Profit before tax was slightly
lower at Rs 1.76 crore from Rs 1.95 crore. The performance could be maintained
in spite of sluggish market conditions resulting from outbreak of SARS and Iraq
war, during the period.
Patspin India is a 100 per cent export oriented unit,
promoted by GTN group alongwith Itochu Corporation, Japan. Patspin manufactures
high quality cotton yarn, entirely for export market and mainly exports to discerning
countries like Italy and Japan, besides other countries like South Korea, China,
Hong Kong, Austria, etc. The company was awarded Bronze Trophy by TEXPROCIL
for outstanding export performance in yarn amongst EOUs, for the year 2001-02.
Hugo Boss increases turnover
The Hugo Boss group increased turnover by 0.5 per cent
to EUR 538 million on a currency-adjusted basis during the first six months
of the 2003 financial year (H1 2002: EUR 535 million). Taking into account the
impact of exchange rates, turnover fell by 5 per cent during the first six months
to EUR 508 million. BOSS Woman continued its positive trend, showing an increase
in turnover of 35 per cent to EUR 22 million following the successful relaunch
(H1 2002: EUR 16 million).
In comparison to the income before tax (+32 per cent),
net income increased at the disproportionately low level of 6 per cent to EUR
37 million. Amendments to the German Corporation Tax Law and other special tax
effects were responsible for this result.
The continued measures for the optimisation of inventories
and receivables, together with a lower volume of investment resulted in a rise
in free cash flow before dividend payment to EUR 24 million (H1 2002: EUR 0.5
million).
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