Hong Kong-based producer of knitted fabrics for well known global brands Pacific Textiles Holdings Limited has posted significantly higher profits for the fiscal year 2006-2007.

During the year revenues reached HK$4,203.4 million ($537.8 million), up 25% year-on-year, whilst gross profit improved 14.9% to achieve HK$922.1 million ($117.97 million). Sales also improved 25% to reach HK$4.203 billion, as did fabric production, which rose 22%.

In spite of the significant increase in profits and sales, the company stated that it faces both opportunities and challenges in the market due to the current business climate in China.