Weiqiao Textile H1 Profit Down

8/19/2012 12:15 PM ET

Weiqiao Textile Co. Ltd. (WQTEF.PK) announced its unaudited consolidated interim results for the six months ended 30 June 2012. Net profit attributable to owners of the parent was approximately RMB 54million, representing a decrease of approximately 90.1% as compared with the corresponding period of 2011. Earnings per share were RMB0.05.

Revenue was approximately RMB 7.709 billion, representing a decrease of approximately 4.0% from the corresponding period of 2011.

The company said its Board recommended no payment of the interim dividend for the six months ended 30 June 2012.

Zhang Hongxia, Chairman of Weiqiao Textile, said, "Looking ahead, we expect the global economy to continue to pose challenges, and this will likelycause demand from international markets to remain weak. On the domestic front, surging labor andother production costs, funding difficulties, and other issues are not expected to be resolved in the nearfuture. The trend for the cotton price gap between domestic and overseas markets remains uncertain. Assuch, the operating environment for the textile industry in China will most likely remain challenging.With growing domestic consumption, demand for various middle and high-end textile products andapparel is expected to grow. And following recent reserve requirement ratio and interest rate cuts, it is expected that more favorable policies to stabilize the economy will be issued in the second halfof 2012, which would support the steady development of the textile industry in China. Although theoperating environment for China's textile industry in the second half of 2012 will remain challenging,we believe the industry will show low, but positive growth."

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by RTT Staff Writer

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