Chaifa Holdings slides into the red

Garment products retailer and distributor Chaifa Holdings saw net losses for the year to March amount to $58.72 million, against a $40.1 million profit achieved in the previous year. Turnover fell to $302.01 million from $360.8 million. Loss per share was 14.7 cents against basic earnings per share of 11.4 cents previously. Directors do not recommend any final dividend.