Home / Knowledge / News / Textiles / 2010 marks number of milestones for China Linen
2010 marks number of milestones for China Linen
05
Apr '11
China Linen Textile Industry Ltd, a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced financial results for the fiscal year ended December 31, 2010.

• 2010 revenues increased 67.1% from $29.4 million to $49.1 million.

• 2010 gross profit increased 74.6% from 8.7 million to $15.2 million.

• 2010 net income increased 66.9% from $5.7 million to $9.6 million; basic earnings per share up from $0.28 to $0.47.

• For 2011, the Company expects revenue to be in the range of $58 million to $63 million and net income to be in the range of $11.5 million to $12.6 million.

Fiscal Year Ended December 31, 2010 Financial Results

Revenue for the year ended December 31, 2010 totaled $49.1 million, up approximately 67.1% from $29.4 million for the year ended December 31, 2009. The increase in revenue was primarily attributable to increased sales volume of linen fabric and linen yarn, increased sales from acquisition, increased sales from new products and new customers.

Gross profit for 2010 was $15.2 million, up 74.6% from $8.7 million for 2009, which was driven by sales growth. Gross margin for the year ended December 31, 2010 was approximately 31.0% as compared to gross margin of approximately 29.6% for the year ended December 31, 2009.

Operating expenses increased 129.1% to $3.7 million in 2010 from $1.6 million in 2009, mainly due to an increase in general and administration expenses such as legal, audit fees and acquisition expense.

Operating income increased 62.1% to $11.5 million for 2010 from $7.1 million in 2009. Income before tax increased 66.0% from $7.9 million in 2009 to $13.1 million. Income taxes totaled $3.5 million for 2010, as compared to $2.1 million for 2009, primarily attributable to increase in income before tax.

Net income was $9.6 million for the year ended December 31, 2010 as compared to $5.7 million for the year ended December 31, 2009, representing an increase of approximately 66.9%. Basic Earnings per share in 2010 was $0.47, an increase of 67.9% from $0.28 in 2009. Diluted Earnings per share in 2010 was $0.39, an increase of 39.3% from $0.28 in 2009. Diluted shares outstanding in 2010 include about 4.6 million shares from issuing the convertible note in November 2010.

"We are very pleased with our results for 2010, which included outstanding revenues and earnings growth and improved gross margin," stated Mr. Gao Ren, Chairman and CEO of China Linen. "As a leading producer and exporter of linen in China, we continued to expand markets and produce new and competitive products. We were excited to see increases in demand from both domestic and international markets, for both linen fabric and linen yarn during the year. We were able to add almost 50 new direct customers and open up new markets including India and Turkey. Going forward, we will continue to penetrate European market, expand sales in new markets like India and Turkey, and increase sales domestically.


Must ReadView All

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Courtesy: Heimtextil theme-park

Textiles | On 17th Dec 2017

Heimtextil’s Theme Park to offer multi-sensory impact

Titled “The future is urban”, the Theme Park at Heimtextil during...

Courtesy: Honeywell

Textiles | On 17th Dec 2017

Honeywell acquires 25 pc ownership interest in Flux

Honeywell has acquired 25 per cent ownership interest in Flux...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Tony Ward
Tony Ward

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search