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Israel : Tefron posts $90,000 net profit in Q2 |
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2004-8-12
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Tefron Ltd, the Israeli manufacturer of seamless underwear, informed that response to its technical activewear line EFP was strong as it reported profits for the second quarter ended June 30 2004 and first half as well as sales growth.
The Bnei Brak-based company, which supplies companies such as Victoria''s Secret, Calvin Klein, Gap, Nike and Adidas, revealed that sales for the first six months of 2004 increased by 13.5 percent to $94.5 million (€ 77m).
Operating profit was largely flat at $4 million while the year-earlier net loss of $105,000 was turned into a net profit of $196,000.
The company''s Chief Executive Officer, Yos Shiran said, "Despite lower sales in the second quarter of 2004 as compared to the first quarter, we maintained profitability at the same level as our first quarter while improving operating results."
In the second quarter, sales increased by 11.6 percent to $45.6 million and operating profit rose from $701,000 to $2.1 million.
Tefron posted a net profit of $90,000 compared with a net loss of $1.1 million in the same quarter last year.
The company stated that it had positive response to its new products and technologies resulting in significant orders from its activewear customers.
Tefron''s activewear line EFP (Engineered For Performance) will appear at the 2004 Olympic Summer Games in Athens, Greece, in several sports categories, including track and field, marathon and baseball.
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