ASX-listed fabric company Gale Pacific has reported improved revenues and profitability in the first half of the financial year.
Gale reported a profit before tax of $8.8 million (compared to a $3.6 million loss in the corresponding period), bet revenue of $106.1 million (up 70 per cent) and earnings before interest, tax, depreciation and amortisation of $14.7 million (up 332 per cent from $3.4 million.)
Gale credited increased commercial and retail sales, with good demand for coated technical fabrics.
“We’ve capitalised on robust market conditions in our core categories across end markets in the first half,” said CEO and managing director John Paul Marcantonio.
“The revenue and profit growth in the United States and Australia, on the back of sustained consumer demand increases and a historically large Australian grain harvest, are particularly encouraging.”
According to its website, Braeside, Victoria-headquartered Gale’s history includes the invention of high-density polyethylene shade fabrics in the 1970s. Nowadays it is “a leading global manufacturer of advanced polymer fabrics including knitted HDPE outdoor fabrics, coated HDPE and PP waterproof fabrics and PP coated mesh fabrics.”
Picture: Gale Pacific
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