Huge loss for Grand Twins despite efforts toward expansion
Huge loss for Grand Twins despite efforts toward expansion
Cambodia Securities Exchange-listed and Taiwan-based Grand Twins International (Cambodia) (GTI) recorded a loss of more than $800,000 in the second quarter of this year, a financial report filed with the bourse on Thursday showed.
The company said the loss was a result of an increase in labour costs, a shift to exporting summer clothes to Asia rather than Europe and rising costs of administrative spending, the report said.
Losses over the second quarter amounted to $887,143, which marks a nearly 200 per cent decline over the same period last year when the company generated $1.17 million in profit.
In the first quarter of this year, it earned nearly $1 million in profit.
Total revenue at Grand Twins for the second quarter stood at $23.7 million, compared to $25 million for the same period last year.
The firm’s chairman Yang Shaw Shin said despite efforts to expand its product line, the firm still suffered the huge loss.
“Grand Twins will make further efforts to better reinforce the company’s corporate governance as well as try hard to maintain good relationships with its customers, especially with its main client, Adidas,” he said.
