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Huafeng Spandex announces 50 -70% profit plunge
Jan '09
Zhejiang Huafeng Spandex Co Ltd (Huafeng Spandex) specifically engaged in the research, development, manufacture, processing and sale of spandex fibre has announced that in 2008, the Company's net profit fell 50 percent-70 percent; while in the third quarter report, its performance is expected to plunge by 30-50 percent.

In fact, since the beginning of the third quarter of last year, domestic chemical fibre industry experienced huge loss. The semi-annual report of Huafeng Spandex also showed weakening signs.

It is reported that in addition to a large number of small and medium-sized enterprises that have already shut down, since October 2008, bankruptcy news from giant enterprises in polyester fibre industry have come forth one after another.

Fibre2fashion News Desk - China

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