Easyknit reports increase despite export quota cut

Textiles group Easyknit International Holdings has reported a 7.5 per cent rise in attributable profit to $112.5 million compared with $104.6 million a year earlier.

President and chief executive Matthew Koon Wing-yee said profit growth had been undermined after a decrease in its export quota.

Earnings per share fell to 8.81 cents from 10.21 cents.

A final dividend of 1.33 cents per share has been recommended.

The company conducted three fund-raising exercises in the past eight months to finance retail expansion and repay debt.

Mr Koon admitted the fund raising had been 'excessive' but added the company was in a healthy financial position.