Home / Knowledge / News / Textiles / Weiqiao to actively upgrade production facilities in 2008
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.”


Must ReadView All

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

Courtesy: Tintex

Textiles | On 21st Jun 2018

'Price ratio is key factor for knitted fabrics market'

The price ratio is a key factor for the global knitted fabrics market ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search