Pacific Textiles (01382) said its profit attributable to equity holders for the year ended 31 March 2018 dropped 23.7% year-on-year to HK$744 million.
The downturn was mainly due to the absence of gain on reversal of provision for impairment of interest in an associate as in the previous year (amounted to about HK$46.8 million in 2017); higher fixed cost absorption and expenses incurred to meet customer claims arising from the suspension of production of the Vietnam factory during the year under review, which amounted to around HK$100 million; the inflation of production costs, such as yarn, chemicals, labor, coal as well as appreciation of RMB during the year under review.
Basic and diluted earnings per share were HK$0.51.
Revenue amounted to HK$6,098 million, an increase of 1.7% from a year earlier.
The proposed final dividend is HK18.5 cents (2017: HK30 cents) per share, payable on 30 August.