Pacific Brands

Clothing, footwear and brands management company, Pacific Brands (ASX:PBG) have announced their first half results to Australian stockmarket traders and investors.

• Pacific Brands had a $38.9 million profit in the six months to December. The company made a $362.4 million loss for the previous corresponding period.

Wholesaler, clothing and homewares retailer, Pacific Brands Limited (ASX:PBG) have presented a preliminary final report to the market while transitioning a new CEO to head the company.

• Current CEO Sue Morphet will resign next month and will be replaced by former Foster's head John Pollaers, scheduled to take over the helm on September 3.
• Pacific Brands reports a staggering loss of $450.7 million, much worse than the previous year's $131.9m loss.

Shares of clothing manufacturer Pacific Brands ( PBG) jumped to as much as 11 cents or 20 per cent to 67 cents in early trade after the company confirmed that it has received an unsolicited approach from US private quity giant KKR to buy the company.

"The board of Pacific Brands, together with its advisers Flagstaff Partners and Minter Ellison, is considering the approach and preliminary discussions are being held with KKR," said Pacific Brands.

iSOFT Group Limited (ISF), a company that supplies software and IT solutions to healthcare providers was the worst performer in the ASX200 list for the week. The company had a market capitalisation of $347.7 million and lost 40.7 percent to its stock price closing for the week at 34 cents. These stocks traded for 57 cents during the last week.

Pacific Brands (PBG) has seen their first half profit jump to $22.2 million compared to the previous years’ corresponding period where the company lost $150 million. Pacific Brands is a clothing and bedding maker who owns famous Australian brands such as Bonds, King Gee, Mossimo, Clarks and Volley. Last year Pacific Brands put 1850 Australian workers out of work as they announced that most of their manufacturing operations were to move to China.

David Jones (DJS), a company that operates departmental stores in Australia and provides diversified range of both local and international brands was the best performer in Australian Stock Exchange ASX100 adding 7.1 percent or 30 cents in its stock price closing the week at $4.48.

Primary Healthcare (PRY), a leading company in the Australian healthcare industry that offers medical and healthcare based services in different parts of the country was the top performing company in the ASX100 which had an increase of 37 cents or 8 percent in its stocks.