Weiqiao Textile Group EPS skyrockets 90.5% in 2012

18 Mar '13

4 min read

Commenting on the company's performance in 2012, Ms. Zhang Hongxia, Chairman of Weiqiao Textile, said, "During the Year, the international market for textile products and apparel remained sluggish due to the adverse effects of the weak recovery in the global economy and the sovereign debt crisis in Europe, while competition became more intense. In addition, part of export orders for textile products and apparel began shifting from China to neighboring countries with lower production costs, especially for lower-end products, thereby further intensifying international competition.

“During the year of 2012, domestic cotton prices remained stable while overseas cotton prices declined continuously, making overseas cotton much cheaper than domestic cotton. As a result, cotton costs of remained high for textile companies in China, which adversely affected the competitiveness of Chinese companies in the global markets. We were also affected to some extent."

"Looking into 2013, the recovery of the global economy still holds many uncertainties. As a result, Weiqiao Textile will continue to improve its product mix, encourage innovation, strengthen its brand image, and further enhance its profitability.

“In the meantime, by leveraging the Group's competitive advantages, which include global cotton procurement channels, self-generated electricity and steam supplies, Weiqiao Textile will continue its efforts to control costs and maintain, or even increase, its market share in the face of continued market turbulence through proactive sales strategies and flexible pricing policies. The Group's management believes that its operating efficiency and strategy will benefit once the market recovers."

Weiqiao Textile Company Limited

More Weiqiao Textile Company Limited News...