HONG KONG — Men’s wear retailer Trinity Ltd. posted a 47.3 percent drop in net profits in the first half amid ongoing economic slowdown in China.
The Hong Kong-based company, which manages five brands including Cerruti 1881, Gieves & Hawkes and Kent & Curwen, reported net profits in the first six months of the year of 79 million Hong Kong dollars, or $10.2 million. Trinity said that more than 90 percent of the profit drop was due to the decline in revenue and a swing in unrealized foreign exchange gains and losses. Revenues declined 5.9 percent to 1.26 billion Hong Kong dollars, or $162.5 million.
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