Oversupply hits Yangtzekiang

Yangtzekiang Garment Co has posted a 83 per cent drop in profits to $3.15 million for the year to March 31, citing fierce competition and an oversupply of garment products.

The profit compares with $18.68 million in the year earlier, which was inflated by exceptional gain of $30.67 million from the sale of its entire interests in YGM Trading.

Earnings per share were 2.2 cents, compared with 13 cents the year earlier. A final dividend of one cent will be paid, taking the year's total payout to two cents.