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Article Date: March 2019
Word Count: 200

Mainland Headwear Benefits as Tariffs Increase ex-China Demand

Comprehensive net income was off 35% to HKD 53,658,000 ($6.8 mm) from HKD 82,870,000 in 2018 as revenues gained 6% to HKD 941,493,000 ($119.9 mm) from HKD 890,707,000, driven by an 11% jump in U.S. sales to HKD 685.3 million on expanded production from Bangladesh. Excluding comprehensive items, net income was down 17% to HKD 67,346,000. Gross margin contracted 130 basis points to 31.0% and an additional HKD 16 million in selling and distribution expenses also weighed on profits. Headwear manufacturing segment sales were up 6% to HKD 672.8 million, turning an operating profit of HKD 108.7 million. The Bangladesh ... Log in to view full article.


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