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Datang Hosiery fights all odds to earn profits in Q1

May '08
Datang Hosiery Group, has taken various measures to actively respond to the grim situation caused by various uncertainties that are bothering the domestic industries,including subprime loan crisis, accelerated depreciation of US dollar and rising price of raw materials.

According to statistics, in first quarter of 2008, the production value of Datang Hosiery reached nearly 9.48 billion yuan, an increase of 19 percent from the same time last year, sales income touched 9.1 billion yuan, showcasing a rise of 19 percent. The company made profits of almost 765 million yuan, representing a growth of 22 percent, the accumulated exports came around US $101.75 million, a year-on-year boost of 36.5 percent.

In recent years, the Company has taken various initiatives like increasing investment in science and technology and has intensified product innovation in research and development area, to add value to the products for increasing its share in domestic as well as in global market.

In addition, Datang along with other local textile units have seized the opportunity to actively regulate the structure in foreign trade, by increasing import of raw materials and machinery to gain maximum benefit of weak US dollar, which may preferably compensate for the loss of exports.

Some entrepreneurs have started exploring other profitable markets of European and Southeast Asian regions to earn foreign currency, by establishing direct sales offices for developing strong network with overseas buyers.

Fibre2fashion News Desk - China

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