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Weiqiao to actively upgrade production facilities in 2008
31
Mar '08
Weiqiao Textile Company Limited and its subsidiaries, collectively the “Group” the largest cotton textile producer in China, announced its annual results for the period ended December 31, 2007 (the “Period”).

During the year under review, the demand in the textile market decreased owing to the appreciation of the renminbi, the decrease in the export tax refund rate and macroeconomic control measures. Revenue of the Group decreased 6.2% to RMB18,590,000,000 compared with 2006.

Gross profit decreased 19.9% to RMB2,662,000,000. Net profit attributable to shareholders rose 10.9% to RMB1,868,000,000. Basic earnings per share were RMB 1.56, 9.1% higher than that of last year. The Board of Directors proposed a final dividend of approximately RMB0.50, up 13.6% compared with 2006.

Commenting on the annual results performance, Ms. Zhang Hongxia, Chairman of Weiqiao Textile, said, “In 2007, reductions in exports and the rises in production costs led to more intense market competition. The appreciation of the renminbi, the changes to the export tax refund policy and a rise in raw materials costs all posed certain challenges for the textile industry in China.

Despite poor market conditions, the Group achieved steady results in a challenging textile market, in part as a result of effective cost control measures. Leveraging on our economies of scale and technological transformation, we successfully increased operating efficiencies by improving equipment and facilities and optimizing our product mix.”

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