Gayton McKenzie accused of not understanding fashion industry after his meeting with Shein
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
The loss in the year ended June 30 compared to a profit after tax of 4.4 billion rand the previous year. Group revenue edged 1% higher to 43 billion rand.
The dispute, the details of which are subject to contractual confidentiality, relates to a manufacturing and technology agreement with a contract manufacturing customer for mRNA products, Aspen said.
Manufacturing revenue fell 21% to 11.1 billion rand, while normalized earnings before interest, tax, depreciation and amortization of 668 million rand in constant currency ended 62% lower than the previous year, impacted mainly by the dispute within the finished dose form segment, the company said.
The dispute is the subject of a contractually prescribed adjudication process, Aspen said.
The company declared a gross dividend of 211 cents per share, down 41%.
($1 = 17.5632 rand)
(Reporting by Nqobile Dludla; editing by Barbara Lewis)
