Home / Knowledge / News / Textiles / Production volume of cotton yarn & grey fabric up, Weiqiao Textile
Production volume of cotton yarn & grey fabric up, Weiqiao Textile
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."

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

Information Technology | On 28th Mar 2017

Intex Consulting signs partnership with Kawan Era Baru

Germany based Intex Consulting GmbH has entered into a strategic...

Courtesy: Kraig Laboratories

Textiles | On 28th Mar 2017

Kraig gets certificate for silk production in Vietnam

Kraig Biocraft Laboratories, Inc., a leading biotechnology company...

Courtesy: Creora

Textiles | On 28th Mar 2017

Hyosung holds Creora workshops in China, HK & Taiwan

South Korean specialty fibre producer Hyosung held a series of...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

March 2017

March 2017

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


Browse Our Archives


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