Weiqiao to become leader in cotton & textile production
06 Apr '06
3 min read
Largest cotton textile producer Weiqiao Textile Company Limited:
-- Turnover of RMB13,584,389,000, an Increase of 22.5 percent over 2004
-- Gross Profits of RMB2,244,130,000, up 20.8 percent
-- Net Profit Attributable to Shareholders of RMB1,242,473,000, up 50.5 percent
-- Gross Profit Margin of 16.5 percent, Compared to 16.8 percent in 2004
-- Basic Earnings Per Share of RMB1.35, up 39.2 percent
-- Proposed Final Dividend of RMB0.287 Per Share
The annual results for the year ended December 31, 2005. During the year under review, turnover of the Group grew 22.5 percent to RMB13,584,389,000; gross profit reached RMB2,244,130,000, represented an increment of 20.8 percent; net profit attributable to shareholders also rose 50.5 percent to RMB1,242,473,000. Basic earnings per share were RMB1.35. The board proposed a final dividend of RMB0.287.
These results reinforced the Group's dominant position in China's domestic cotton textiles industry. During the year, it executed against strategy, expanding domestic and international market share. Gross profits remained at a relatively high level.
The Chinese government provided significant tax relief for the Group's investments in technology upgrading. The Company and its non-wholly owned subsidiary Binzhou Industrial Park were granted tax relief by the local tax bureau in an aggregate amount of approximately RMB287,689,000 in 2005, owing to its investment in the domestic equipment used for technological reform. According to the existing tax law in PRC, the Group may apply for similar tax relief in the future.
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