The Greek textile industry suffered a 19.1-pct decline in its production volume in the first five months of 2011, after a 17.5-pct drop in the same period last year, a report said on Monday.
The textile index suffered significant losses last year, hit by an economic crisis and a significant increase in the price of cotton, while production fell 20.4 pct in 2010 from 2009.
Production volume fell 22 pct in May this year despite a decline in cotton prices, and were 65.1 pct lower compared with 2005 levels.
The report, based on Hellenic Statistical Authority’s data and an analysis of balance sheets of the 56 largest enterprises in the sector, showed that net results for 2010 was a loss of 47.4 million euros, although EBITDA showed an improvement.
The 31 most profitable textile enterprises (56.4 pct of total) reported net profits of 21.9 million euros, while the 24 loss-making (43.6 pct) reported losses of 66.3 million euros, for a net loss of 44.4 million euros in 2010, after net losses of 44.8 million euros in the same period in 2009.
The analysis concludes that the sector failed to benefit from a sharp increase of cotton prices to record highs last year. Revenues rose 3.0 pct, gross earnings rose 27 pct and EBITDA jumped 71 pct.