California-based apparel and textile company Veltex Corporation has reported higher revenues for the third quarter, totalling $19.2 million. Revenues for the nine months ended September 30 totalled $53.2 million and gross profit for the period was $15.7 million. Net income totalled $5.8 million.
The company expects total revenue for the year to be $70 million with over $7 million net profit.
The acquisition of Veltex-Canada earlier in the year helped revenue growth in this period.
The company has distribution centres in the USA, Canada and factories in Bangladesh. It is a vertical manufacturing and import/export company with five subsidiaries. It designs and manufactures brand named apparel and caps for the promotional products industry. It manufactures custom headwear for Tommy Hilfiger, specialised textiles primarily for use by manufacturers of automobile interiors, upholstery for furniture manufacturers, and ready-to-wear garments. It specialises in denim, microfilament, velvet, twill, canvas, duck and pinpoints oxford fabrics.
