Unifi, a US-based leading innovator in recycled and synthetic yarns, has reported 4.6 per cent sales growth to $178.9 million in its third quarter (Q3) FY21 ended on March 28, 2021, compared to the sales of $170.9 million during the same period previous fiscal. The company’s net income for the quarter was $4.7 million (Q3 FY20: loss $41.1 million).
“Our Brazil segment outperformed expectations again, achieving exceptional profitability with a record 41.2 per cent gross margin driven by strong pricing levels. Our Asia segment also benefited from an improving business climate and recaptured pre-pandemic momentum, allowing the segment to return to top-line growth,” Ingle said.
Gross profit for Q3 FY21 was $25.6 million ($15.4 million), while selling, general and administrative expenses were $14.6 million ($11.7 million). Operating income for the period was $8.6 million ($3.1 million).
Sales of polyester segment was $82.6 million ($89.7 million), whereas sales of nylon was $20.7 million ($20.5 million). Unifi’s sales in Asia during Q3 rose to $48.5 million ($38.6 million), and sales in Brazil grew to $25.7 million ($21.0 million).
“We remain confident that the momentum we have generated throughout the recovery will allow us to further improve our long-term profitability. We expect that continued strong results from each of our high-performing businesses, coupled with continued interest in our Repreve-branded products, will fuel long-term growth,” Ingle said.
Source:Fibre2Fashion News Desk (JL)