Weiqiao Textile, the largest cotton textile producer in China supplying about 3% of the country's total, announced interim results for the first six months of 2010 this August.
The company registered production volume of cotton yarn, grey fabric and denim were 336,000 tons (+15.5% year-on-year), 612,000,000 meters (+11.3% y-o-y) and 46,000,000 meters (decreased from last year) respectively in the period under review. The company’s revenue increased 30% to RMB8,304 million and profits rose 38% to RMB545 million.
Weiqiao Textile commented that the Chinese economy continued its relatively fast growth momentum in the first half of 2010, partly due to the government’s timely implementation of positive fiscal policies and stimulus measures with an aim to expand domestic demand and accelerate structural adjustment.
For the rest of this year, Weiqiao Textile’s Chairman, Zhang Hongxia, expected the Chinese economy to continue the recovery and renminbi is likely to resume appreciation. She said: "In face of the challenges such as rising cotton prices, increasing labor costs and energy costs, the profit margin of the PRC textile enterprises may be squeezed further. Trade friction, to a certain extent, may also affect the future growth of the industry. However, the PRC textile industry may also benefit from a number of favorable factors. The external economic environment has been picking up gradually with rising demand while the domestic market grows steadily. The continuing structural changes and transformation, and the operational advancement would generate opportunities to the PRC textile industry."
Weiqiao Textile also reported to be the biggest major in China's cotton textile industry in terms of sales revenue and total export value.
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