British Mohair Spinners - which owns Grove Mills at Ingrow - has reported pre-tax profits for the half-year of £285,000.
This compares with £521,000 for the same period last year. The fall is attributed to lower returns from the group's textile companies, which continue to suffer from reduced global demand and the strength of the pound.
Chairman Mr C M Fenton says demand for hand-knitting yarns has stabilised at last year's level.
The transfer of spinning operations from Jarol to the Keighley mill has benefited both companies.
But Mr Fenton says results from the division still remain unsatisfactory.
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