Textile company, David Whitehead, continues to prosper with sales for the year ending September increasing 159 percent to $4.1 billion, but the company says the increase was largely due to inflation which saw prices increase by more than 100 percent while volumes remained fairly constant.
Exports fell by 19 percent but the company says this was due to a strategic change from exporting greige goods to more valued added ones.
It says the company has embarked on a massive export drive which should produce results in the first half of the current year.
Demand for its products, especially its Java prints, it says, continues to be overwhelming both locally and regionally.
Profit before tax increased from $55 million to $146 million with net profit increasing from $55 million to $107 million.
The company had a cash balance of $227 million compared to $38 million the previous year and earned $6 million in interest.
It paid $6 million the previous year.
The company, however, says it may have to increase borrowings for working capital as its production is likely to increase following the commissioning of its new printing press in November.
It says this is the beginning of a phased machinery acquisition programme which will see it purchasing new machinery for its spinning and hosiery divisions. The aim is to increase production by over 50 percent.
David Whitehead has demerged from its wholly-owned subsidiary, National Blankets, because there were no synergistic benefits from operating the two as a single entity. The demerger was with effect from 1 October.