SPORTS shoes maker KTP (Holdings) says its position in the market had improved after several other manufacturers closed down in the face of keen competition and high raw material costs.
Company chairman Patrick Tang Kim-kwan said several manufacturers had closed after operating costs became too expensive.
'This puts our business in a better position,' he said after the company's annual general meeting yesterday. Mr Tang blamed steeply rising raw material prices for the company's 80.35 per cent profit fall from $193 million to $55 million in the year to March 31.
The price of PVC, the main raw material for sports shoes, had dropped 30 per cent from its peak, but it was still high compared with prices last year, he said.
The Reebok brand name accounted for 45 per cent of sales and the Adidas brand 25 per cent.
