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Gross profit margin of cotton yarn & denim fall at Weiqiao Textile

Apr '07
Weiqiao Textile Company Limited and its subsidiaries, collectively, the largest cotton textile producer in China, announced its annual results for the period ended December 31, 2006.

During the Period, the Group enhanced its marketing effort, achieving strong sales income. Revenue of the Group was RMB19,826,000,000, up 46.0% compared with 2005; Gross profit was RMB 3,323,000,000, up 48.1% compared with 2005; The Group performed well in the control of operating costs. Operating costs of the Group grew at a relative lower percentage when compared with the growth of revenue of the Group in 2006. As a result, the Group recorded an operating profit of RMB 3,027,574,000, an increase 63.1% over 2005.

Net profit attributable to shareholders rose 35.7% to RMB 1,685,000,000. Basic earnings per share were RMB 1.43, 5.9% higher than that of last year. The board proposed a final dividend of RMB 0.44, up 53.3% compared with 2005.

Leveraging its efficient operating model and effective strategic moves, the Group continued to perform satisfactorily. Commenting on the Period's performance, Ms. Zhang Hongxia, Chairman of Weiqiao Textile, said: “In 2006, the Group worked to enhance its marketing effort. As a result, utilization rate of our production facilities was further improved. We also focused on continuously upgrading of our production facilities and technology in order to provide the markets with more high-end products. Such efforts proved effective as we reached record-high revenues and net profits since our listing.”

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