China's Largest Cotton Spinner Improves Profits
Source: Globecot Date: 2007-09-07
Weiqiao Textile is China's largest cotton-spinning group and is publicly traded in Hong Kong; thus, its annual results are released to the public. The company's latest information revealed that total 2007 revenue was up .03 percent at 9.267 billion yuan, with net profits increasing 11.5 percent to 670 million yuan. 45.9 percent of all revenue came from cotton yarn sales, with sales at 4.250 billion yuan, which reflected 10.6 percent growth, while revenue from fabric sales declined 9.8 percent. The company's denim sales soared 22.8 percent, accounting for 6.3 percent of all revenue.
Weiqiao Textile also increased its revenue from exports, with 39.4 percent of all revenue now coming from sales outside of China. Total yarn production reached 437,000 tons, which suggests total cotton use of approximately 2.128 million 480-pound bales. Cotton grey cloth production reached 781 million meters, while denim fabric totaled 88 million meters.
