Home / Knowledge / News / Textiles / Production volume of cotton yarn & grey fabric up, Weiqiao Textile
Production volume of cotton yarn & grey fabric up, Weiqiao Textile
23
Aug '10
The Board of directors of Weiqiao Textile Company Limited and its subsidiaries, collectively called the "Group";, the largest cotton textile producer in China, announced its unaudited consolidated interim results for the six months ended 30 June 2010.

In the first half of 2010, the PRC economy maintained steady and yet relatively fast growth momentum. The PRC government timely implemented a series of positive fiscal policies and stimulus measures to expand domestic demand and accelerate the change of the economic development model and structural adjustment and therefore. The domestic economy maintained positive momentum in general.

Driven by the PRC government's policies to expand domestic demand, the domestic sales market performed well. The external trade of textile products in the PRC experienced a relatively fast recovery as well. Based on the statistics released by China Customs, in the first half of 2010, with the rising demand and increasing prices, the accumulated exports of the PRC textile and apparel products amounted to approximately US$88.9 billion, representing a period-on-period growth of approximately 22.0%.

During the review period, the Group's production volume of cotton yarn, grey fabric and denim were approximately 336,000 tons, 612,000,000 meters and 46,000,000 meters respectively. Cotton yarn and grey fabric grew by approximately 15.5% and 11.3% YoY respectively, while denim decreased.

The Group's revenue was approximately RMB8,304 million, representing an increase of approximately 30.2% YoY. Net profit attributable to equity holders of the parent was approximately RMB545 million, representing an increase of approximately 38.0% YoY. Earnings per share amounted to approximately RMB0.46. The Board of the Company recommended no payment of the interim dividend for the six months ended 30 June 2010.

Commenting on the first half of 2010 interim results performance, Ms. Zhang Hongxia, Chairman of Weiqiao Textile, said, "To overcome these market challenges is to capture the opportunities in the domestic and overseas markets to further expand the market share domestically and abroad.

The Group will continue to accelerate operational advancement, improve operating efficiencies, seek breakthrough in product and technology innovation and brand building as well as continue to improve production technology standards to manufacture products that are in line with high global standards. With respect to the overseas market, the Group will continue to expand the geological coverage of its business to maintain its market share internationally by leveraging on the advantage of the economies of scale and optimization of product mix."

Outlook
Weiqiao Textile's Chairman, Ms. Zhang concluded, "Uncertainties will still remain in the PRC textile industry in the second half of 2010. In the second half of 2010, with the continuing recovery of the PRC economy, RMB is likely to resume appreciation. In addition, in face of the challenges such as rising cotton prices, increasing labor costs and energy costs, the profit margin of the PRC textile enterprises may be squeezed further. Trade friction, to a certain extent, may also affect the future growth of the industry.

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Stefano Gallucci (left), CEO, Santex Rimar Group, and Tamer Hasbay, President, Has Group; Courtesy: Santex Rimar

Textiles | On 24th Jan 2017

Santex Rimar to market all Has products globally

Italy based Santex Rimar Group has signed an agreement with Turkey...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search