Imports hit Seardel’s results - sportstextiles: Lea SportsTextiles

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Imports hit Seardel’s results

07/03/2007
 
Full-year results at South African textiles manufacturer and distributor Seardel have been negatively-affected by ever-increasing imports of apparel and textiles, particularly from China. According to the company, imports of apparel into South Africa for the period January to November 2006 totalled R6.11 billion ($824 million), up 35.2% on 2005's imports of R4.52 billion, which itself was up 35.1% on 2004. Imports of textiles for the period January to November 2006 amounted to R1.9 billion, up 28.7% on the previous year.

Seardel’s profit before tax for 2006 fell to R40.5 million from R51.3 million in 2005, a decrease of 21.1%. A contributing factor was said to be continued pressure on prices in the Frame textile division, especially in polyester and wool, which had a significant impact on margins. The company also suffered due to major delays in the relocation of some of its spinning mills, which had a negative effect on costs.





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