Bangalore-headquartered Page Industries, the exclusive licensee of Jockey International Ltd, has entered into an exclusive licensing agreement with Speedo International for the manufacture and distribution of Speedo brand of swimwear, water shorts, apparel, equipment and footwear.
This tie-up, which came into affect on July 1, will help the company to further its business growth, sources in the industry said. Australia based Speedo International deals in swim wear and other related accessories and is the sponsor for many national swimming teams. Page Industries has posted a 30 per cent increase in its net profit to Rs 12.87 crore in the fourth quarter of last financial year on higher net sales. It has posted a 35 per cent increase in net sales to Rs 111.38 crore during this period.
Operating profit rose by 22 per cent to Rs 14.32 crore during this quarter. On annual basis, the company registered a 48 per cent growth in net profit to Rs 58.55 crore. Its net sales increased by 45 per cent to Rs 491.56 crore in FY11. Similarly, operating profit during this period saw a 46.86 per cent rise to Rs 80.91 crore during this period.