CAPE TOWN – House of Monatic, the Brimstone Investment Corporation owned short, trouser and jacket maker and retailer in Cape Town that has been operating for about 100 years, might face closure if its operations do not improve following a “right-sizing”.
That was the word from Brimstone executives at an investment analysts' presentation on the investment group’s results that were released last week.
Brimstone’s revenue rose sharply to R3.38billion in the 12 months to end- December 2018, operating profit increased to R388.6million from R374.5m, while the attributable loss to shareholders came to R78.5m, from a R46m profit in 2017.
The attributable loss was blamed on the R44.1m loss at House of Monatic, and acquisitions at Sea Harvest.
Chief operating officer Iqbal Khan said in the presentation that part of the restructuring at House of Monatic involved operating at a lower capacity utilisation of 85percent, rather than keeping large stockpiles of clothing.