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Sales of listed textiles companies down, profits up
01
Sep '09
In the first half of 2009, the 46 listed textile and garment enterprises witnessed a 2.79 percent fall in total operating income and an 8.22 percent increase of net profits. But the 46 companies realized a net profit of 808 million in the second quarter, representing a growth of 44 percent from the previous quarter.

Analysis shows that textile and garment enterprises witnessed mixed performances, exports declined, while domestic companies realized a more stable growth. Exports in the third quarter are expected to be optimistic and improvement might be seen in the fourth quarter.

These 46 companies achieved a total sales income of 27.83 billion Yuan in the first half of 2009 against 28.63 billion Yuan, from the same time last year. However, net profits displayed a healthy trend and stood at 1.36 billion Yuan against 1.26 billion Yuan in the first six months of the previous year.

The industry believes that full recovery of the industry remains to be seen and the textile and apparel industry, which is highly dependent on exports, is unlikely to see a turning point in the third quarter and they expect the road to recovery to begin in the fourth quarter or early next year.

In the first seven months of this year, China's total textile and apparel exports reached US $89.204 billion, showing a year-on-year decline of 11.30 percent.

Fibre2fashion News Desk - China

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