
US-based Unifi Inc., a leading synthetic recycled yarn producers, recently released its financial results for the first quarter ended September 25, 2016. According to the press release, the company’s strategy and focus on premium value-added (PVA) products received favourable operating results compared to the last fiscal. While the company’s gross profit grew by more than US $ 2.5 million, the net income grew by US $ 1.4 million.
Its operating income grew in the quarter under review by US $ 2.9 million, or 30 per cent, to US $ 12.6 million, compared to US $ 9.7 million in the first quarter of fiscal 2016. The manufacturer’s net sales stood at US $ 160 million in the reporting period as against net sales of US $ 162.2 million in the same quarter last year.
Tom Caudle, President of Unifi said, “I am pleased to report strong first quarter results, which reflect the success of our strategy of providing the highest-quality innovative and sustainable products for our customers around the world.” He also said that the company is happy with the performance of international operations in Asia and Brazil where growth was experienced that offset soft market conditions in the domestic business.
Also Read – Unifi inaugurates REPREVE® Bottle Processing Centre
Additionally, the company opened a bottle processing centre earlier this year. Speaking about the same, the President of Unifi said, “The opening of the REPREVE® Bottle Processing Centre marked the completion of a significant leg of our capital allocation programme. By investing for the future, we will be capable of producing around 75 million pounds of plastic bottle flake annually, enhancing our support of REPREVE®.”