Garment maker Metersbonwe reports surging profits

Garment maker Shanghai Metersbonwe Fashion & Accessories (002269.SZ) said Tuesday its net profit surged 99% year-on-year during the third quarter to US$23.56 million (RMB161 million), the Securities Times reported. Net profit for the first three quarters soared 204% to US$50.05 million (RMB342 million). Its gross margin increased from 35% a year earlier to 44%. Sales over the first three quarters were up 42%, including a 36% increase in outlet sales and a 44% increase in sales through franchises. No exact figures were given. The company has estimated its net profit will grow between 60% and 70% on the year before for the full-year 2008. It is currently running 2,641 stores around the country.