Weiqiao domestic consumption of textile apparel products go up

03 Sep '07

2 min read

Weiqiao Textile Company Limited and its subsidiaries, collectively the “Group”, the largest cotton textile producer in China announced its unaudited results for the 6 months ended 30 June 2007.

During the Period, revenue of the Group was RMB 9,267,000,000, representing a slight increase over the corresponding period in 2006.

Net profit attributable to shareholders of the Company was RMB 670,000,000, representing an increase of 11.5% compared to the corresponding period in 2006. Diluted earnings per share were RMB 0.56. The Board of Directors has resolved not to pay interim dividends.

Ms. Zhang Hongxia, Chairman of Weiqiao Textile, said: “The first half of 2007 presented both opportunities and challenges for the textile industry in the PRC."

"Driven by strong domestic demands, the sales of textile and apparel products recorded a significant growth. However, the continuous appreciation of RMB, the downward adjustments to the VAT rebate for export and the rise in labour costs, the growth of export of China's textile products slowed down slightly."

"During the Period, the Group continued to improve its operation efficiency through technological reform and continuous upgrade of equipment and optimization of product mix."

"At the same time, the Group continued to reinforce its efforts in energy saving and the reduction of consumption with a view to effectively control its production costs and minimize the effects on environment.”

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