The Israeli textile group Delta Galil Industries Ltd. also achieved a solid increase in sales in the second quarter of the 2022 financial year. However, due to negative special effects, the profit fell short of the previous year’s level. This emerges from an interim report published by the parent company of the German lingerie supplier Schiesser AG on Monday.
According to this, Delta Galil’s consolidated sales for the months of April to June amounted to 491.3 million US dollars (482.0 million euros), which corresponds to an increase of eight percent (currency-adjusted +11 percent) compared to the same quarter in the previous year. Adjusted operating income increased four percent to $44.0 million. Because the relocation of a production site from China to Vietnam incurred one-time charges of almost 5.5 million US dollars, the reported operating profit fell by 9 percent to 38.5 million US dollars. Due to this negative special effect, the net profit attributable to the shareholders also missed the level of the same quarter of the previous year: it shrank by 15 percent to 21.3 million US dollars (20.9 million euros).
For the full first half of the year, consolidated sales reached $975.1 million, up 12 percent year-on-year (+14 percent at constant currency). Net income attributable to shareholders shrank by almost 2 percent to $39.0 million due to the one-time charge. Adjusted for special factors, the half-year surplus increased by eleven percent.
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