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Article: Coteminas Hit by Springs Losses.(Financial report)
- Article from:
- Home Textiles Today
- Article date:
- June 4, 2007
CopyrightCOPYRIGHT 2007 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Don Hogsett
Sao Paolo, Brazil - Hamstrung by a $141.5 million loss at its Springs Global cross-border operation, Brazilian parent Coteminas said profits last year were slashed by more than half even as it virtually tripled its sales as it layered on results of the former Springs Industries, which it acquired in November 2005.
With margins under strong pressure as it picked up the tab for shutting down Springs' U.S. plants as it shifts production off shore, Coteminas said profits tumbled by 53.2%, to $22.3 million from $47.7 million the prior year.
Operating profits, before any one-time items or income-tax relief, skidded down even further, ...