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Youngor Group may concentrate on core textile business
24
Feb '09
The Youngor Group, other than its core activity of textiles and garments, had diversified in to different sectors like real estate and finance in the last few years. But with the unveiling of the economic crisis, both these sectors suffered the maximum damage leading to massive losses for the group.

The Youngor group generated maximum profits for the group from its activities in real estate and finance. The group is supposed to have a lot of land holdings, throughout Ningbo, Suzhou, Hangzhou and Shaoxing and also a lot of investments in the stock markets.

But the economic meltdown has brought the value of investments and profits in both the sectors crashing down sharply in the last few months. In the first three quarters of 2008, it generated a net cash flow of 908 million Yuan, a sharp drop of 46.82 percent year-on-year. The profits are expected to reduce further in the last quarter of 2008.

This has led experts from the industry to believe that the group will now concentrate more on its core activities in textiles and garments, in which it still holds good control and at the same time exit or reduce its exposure gradually from the real estate and stock market activities in 2009.

Fibre2fashion News Desk - China

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