Mr Morris declared he was "happy" with the performance and direction of H Morris & Company, a third-generation family business, as accounts filed with Companies House showed a fall in pre-tax profits to £54,405 in the year to January 31 from £550,229 in the prior 12 months.
Asked how he thought H Morris was doing relative to others in the furniture manufacturing sector, Mr Morris replied: "I think we are doing a lot better than most. A lot of people are going to fall out of the business this year. That is a cycle that will happen. The direction of the company is first class. That is all we are concerned about."
He added: "We are in a very good position."
Mr Morris cited a leap in the costs of shipping furniture from China in the last eight months.
He revealed his firm, which has a factory at Rutherglen near Glasgow and makes contract furniture at Campsie Glen to the north of the city, had on the back of these higher shipping costs seen people coming to it for more of its Scottish-manufactured furniture over about the last four months.
Mr Morris said: "We have a steady stream of customers coming back to us, who did go to the Far East, which we are chuffed about."
He added that the cost of shipping a container from China to the UK had risen from about £1000 to £2800.
The furniture group, which has recently completed its new head office building at Rutherglen, describes itself as "the UK's largest independent cabinet furniture manufacturer". It supplies the domestic, office, educational and contract furniture sectors.
The bulk of its business is domestic, and its brands include Morris Furniture, G Plan, Zone and Relaxateeze.
Its customers include Scottish-based retailers Forrest Furnishing and Sterling. It also supplies BHS and BrightHouse.
On the commercial furniture side, it has just finished a big contract for British Airways' airport lounges and offices. It also provides furniture for Singapore Airlines.
The company also supplies furniture for bowling alleys and Gala Bingo outlets.
H Morris's turnover fell to £17.6 million in the year to January 31 from £22.2m in the prior 12 months. However, Mr Morris emphasised it was proceeding cautiously, assessing customers' credit-worthiness given the difficult economic backdrop.
He claimed HM Revenue & Customs was taking a tough stance with some of H Morris's customers. Outside the sector, he cited football club Rangers' fall into insolvency this year as one example of this approach.
Mr Morris said: "HMRC are certainly not holding back, as we have seen with people like Rangers. HMRC are taking out a lot of our suppliers, a lot of our customers."
Claiming some in H Morris's sector would be selling at a loss if they were hiking turnover, he said: "We are just not going to be running around like idiots here."
He said it would be "fine" if H Morris made turnover of £18m in the year to January 2013.
Mr Morris said his firm made about 36% of its furniture in the UK, at its two Scottish sites, while also buying in from countries including Germany, Italy and Slovenia, and the Far East.
Highlighting how crucial it was for H Morris to continue manufacturing furniture in the UK, he added: "We can have the base materials here. We have to be able to make exactly what the customer wants."
He noted the firm employed nearly 200 people, about half of whom were in manufacturing.
The Morris furniture business, in its early days, fitted out the Gleneagles and Turnberry Hotels in 1924, the Cunard Queen Mary in 1934 and her sister ship the Queen Elizabeth four years later.
Highlighting the tough economic backdrop, Mr Morris declared there "won't be any profit in Britain in consumer goods" for at least a couple of years.