Weiqiao reports RMB1.435bn gross profit, up 19.7% over 1H 2005
12 Sep '06
3 min read
Weiqiao Textile Company Limited announced its unaudited interim results for the period ended June 30, 2006 (the "Period"). During the Period, turnover of the Group grew 34.0 percent to RMB 9.264 billion; net profit attributable to shareholders rose 27.3 percent to RMB 601 million.
Basic earnings per share were RMB 0.51. The board did not propose an interim dividend.
During the Period, international trading relations stabilized. Demand for cotton textile products in both domestic and overseas markets continued to be strong, which supported the steady development of the cotton textile industry in the PRC.
Weiqiao Textile delivered stable growth in turnover and net profit as a result of the upgrading of production facilities, ever expanding production scale and increasing sales momentum.
The Group managed to produce more value-added products to meet the demand of mid and high-end clients. Furthermore, the Group continued to purchase advanced textile machinery both from PRC and overseas manufacturers and succeeded in enhancing technical proficiency in production.
Domestic sales of the Group significantly increased, mainly due to the Group's highly adaptive sales strategy clearly focusing on the domestic market. During the Period, revenues derived from domestic sales accounted for 66.2 percent of total turnover, becoming the primary revenue growth driver of Group.
The Group continued to execute its plan to upgrade facilities, enhance sales efforts for core products and rationalize product mix. Sales of grey fabric, cotton yarn and denim, the Group's core products, generated 53.1 percent, 41.5 percent and 5.1 percent of total turnover respectively.
marketing@alchempro.com
