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Chinese textile companies' revenues decline in H1
12 Aug '20
1 min read
Pic: Shutterstock
Revenues of major Chinese textile companies with an annual turnover of at least 20 million yuan declined by 16.4 per cent year-on-year to 1.93 trillion yuan ($278.07 billion) during the first-half of 2020, data from the ministry of industry and information technology showed. Profits of these companies too dipped 19 per cent to 73.1 billion yuan.
Value-added output of these enterprises fell 6.7 per cent year-on-year, according to the data.
However, value-added output of industrial (technical) textiles sector witnessed a sharp growth of 57.8 per cent owing to increase in demand of these goods for COVID-19 prevention and control.
Fibre2Fashion News Desk (RKS)
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