Canadian incorporated and China-based apparel and fashion products company CY Oriental Holdings Ltd. has posted improved financial results for its fourth quarter and fiscal year ended December 31.

Year-on-year, revenue increased 31.1% to C$11.9 million ($10.7 million) for the fourth quarter and 1.9% to C$43.2 million for the year. Growth in the fourth quarter was attributable to the company's progress in transitioning its product offering towards higher-end fashion items.

Net income for the quarter was $0.2 million compared with $1.6 million for the prior-year period while income for the year was $4.5 million compared with $8.9 million.

The company also announced that the construction of its new manufacturing facility in Tengzhou has been completed, with test-runs now being conducted, and that it has launched a new corporate website.

Furthermore, chairman and chief executive officer Mr Ping Chen will assume the role of company president effective June 4, at which time current president, Chris Chen, will assume the title of vice president, Business Development.

The company's ready-made products include woven casual wear, woven formal wear, denims and knit junior sportswear.