Clothing and bedding maker Pacific Brands Ltd
(ASX:PBG) has reported a sharp rise in profit for the first half of fiscal 2010 and says it expects earnings in the second half to be up on the year before.
Profit attributable to members for the six months to December 31, 2009, rose 114.8% to $22.2 million.
However net profit after tax fell 39.7% to $35.5 million with sales revenue down 7.8% to $960.8 million for the period.
CEO Sue Morphet says earnings in the first half were affected primarily by the delayed impact of the sharp decline in currency rates.
Looking ahead the company says despite the currently inconsistent trading environment, the cycling through of stimulus packages, and uncertain market conditions making it difficult to predict performance, it is confident that second half earnings will be up on the same time a year ago.
Pacific Brands posted a loss of $234.48 million for the 12 months to June 30, 2009.
