SYDNEY: Gazal has announced a significant increase in its net profit after tax for the financial year to June 30, 2010.
The apparel group reported a 43 per cent rise to a figure of $9.8 million, compared to $6.8 million in the previous corresponding period.
The company's pre-tax profit for the year was $14.3 million, which exceeded the guidance provided to the market in mid-June.
Group sales revenue from continuing operations increased by two per cent to $248 million.
It reported sales in the group's wholesale segment were below the previous period, which it said was due to the expiration of the Nautica brand wholesale licence.
It said sales for the group's key brands Calvin Klein, Lovable, Davenport, Van Heusen, Bisley and Midford either maintained or grew market share.
Chief executive officer Michael Gazal said he was pleased at the strong earning growth of the company.
"The performance is testament to the hard work undertaken on improving the business model and the passion and teamwork of our team members in the face of challenging trading conditions," he said.
The group's net debt levels reduced to $26.3 million compared to $41.7 million at the same time last year.
Other brands run by the group include Crystelle, Nancy Ganz, Hold Me Tight and Trent Nathan.