Chinese men’s business casual apparel maker Xiniya says net profit in 2013 declined 44.6 per cent.

The company achieved a net profit of 97.2 million yuan ($15.6 million) during the period compared to 175.5 million yuan ($28.2 million) in 2012.

Revenue decreased 4.5 per cent to 1.32 billion yuan ($212.07 million).

“The softening of China’s economy, menswear industry and the resulting increase in competition directly impacted our operational and financial performance throughout the year,” said Qiming Xu, chairman and CEO.

It closed 127 retail outlets during the 12 months.

The company expects the difficult business environment to continue and forecasts revenue for the first quarter of 2014 to decrease 11 per cent.