Texhong Textile Group Limited, a leading upstream high value-added core-spun cotton textile manufacturer in the PRC, announced record high interim results for the six months ended 30th June 2006.
Turnover of the Group increased by 41.7% to RMB 1,198.0 million. Net profit increased by 40.2% to RMB 111.6 million. Earnings per share during the period was RMB0.128, representing an increase of 40.7% over the corresponding period last year.
In view of the encouraging results, the Board has resolved to declare an interim dividend of 3 HK cents per share for the six months ended 30 June 2006.
Hong Tianzhu, Chairman of Texhong, said, "During the first half of 2006, the Group's sales of spandex stretch yarn and grey fabrics in the PRC market have achieved another record high results in terms of volume. Overall gross profit margin and net profit margin maintained at the similar level as the same period last year. Sales in each market recorded significant growth in the first half of 2006, in which sales revenue of the PRC market posted a year-on-year growth of 37.9% to RMB 1,051 million, while overseas sales surged by 75.9% to RMB 147 million.”
“During the period under review, the Group's yarn and grey fabrics were sold to over 17 provinces and cities in the PRC, while garment fabrics was exported to numerous countries overseas such as Europe, North America, South Korea, Hong Kong, Bangladesh, etc.,” he added.
The Group continued to implement its product differentiation strategy in the first half of 2006 and launched innovative new core-spun cotton textile products including Dow XLA stretch and other quality elastic yarn and grey fabrics.
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