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Weiqiao further strengthens leading position in industry
30
Mar '10
Weiqiao Textile Company Limited the largest cotton textile producer in China, announced its annual results for the period ended December 31, 2009.

Weiqiao Textile's Chairman, Ms. Zhang concluded, "In 2010, despite that the overall demand for both international and domestic markets is improving, uncertainties still exist. In the global market, trade barriers from the Western countries and China will affect the global economic recovery process. Therefore, the Group will strengthen risk management to cope with the global crisis. Nevertheless, as a leading enterprise in the PRC textile industry, Weiqiao Textile will continue to carry out technological reforms proactively and follow the path of industrial upgrade. Looking ahead, we believe the China economy will continuously maintain the upward trend of 2009 as well as a steady and relatively rapid development."

In 2009, China endeavored to resist in combating against the tremendous impacts of the global financial crisis, the stimulus economic policy executed by the PRC government had sound effects. Meanwhile, the PRC government continued to launch relevant policies to support the PRC industries, such as textile industry, the market demand of textile products increases gradually as a result. Weiqiao Textile continued to consolidate business growth, the Group successfully maintained a sizeable market share with the advantages of having a huge sales network and stable customers base.

During the review period, the Group's production volume of cotton yarn, grey fabric and denim were 648,000 tons, 1,186,000,000 meters and 105,000,000 meters respectively, representing a decrease of 20.9%, 18.3% and 37.1% respectively. The Group's revenue was approximately RMB14,333,000,000 representing a decrease of 12.9% as compared with 2008. Profit attributable to owners of the parent was approximately RMB892,000,000, representing an increase of 49.7% as compared with 2008. Earnings per share were RMB0.75, up 50.0% compared with 2008. The Board of the Company recommended the payment of a final dividend of RMB0.2335 per share (tax inclusive) for the year ended 31 December 2009, up 48.8% compared with 2008.

Commenting on the 2009 annual results performance, Ms. Zhang Hongxia, Chairman of Weiqiao Textile, said, "To coordinate with the support of the PRC government on PRC industries, Weiqiao will continuously strengthen own advantage, secure the market share in China and expand the company's business to enlarge competiveness. These include to strengthen production innovation and technology upgrade, produce more value-added and medium-to-high products to satisfy the demand of the domestic market, improve internal management and expand the geographical coverage of business continuously. The Group believes opportunities exist amid a turbulent market. Meanwhile, under the government's policy of "expanding domestic demand", a steady and relatively rapid growth had been achieved in the domesticmarket, which definitely was the primary factor for the tentative recovery of the textile industry."


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