For the full fiscal year, revenue for the Eagle Nice group increased from HK$451.4 million ($57.9 mm) to approximately HK$519.3 million ($66.9 mm), an increase of approximately 15%.
The group is principally engaged in the manufacture of sportswear for men, women, and children on an OEM basis. The sportswear manufactured and sold by the Group can broadly be divided into tracksuits, sport pants, jackets, sweaters, and T-shirts. The group manufactures products under international brand names such as Nike, adidas, and Puma.
The gross profit margin of the group was approximately 24% for the year, down 400 basis points from 28% of revenues last year. This is likely due to increasing labor costs in many of Chinas manufacturing centers. Net income for the group decreased 18.4% to HK$77.4 million ($10.0 mm) from HK$94.9 million ($12.2 mm) last year.
