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Review: Wei Qiao Textile Increased Its &Nbsp Performance In 09, And Asset Liability Ratio Declined.

2010/7/9 16:05:00 84

Wei Qiao textile

Fiscal year

The growth was driven by an increase of HK $8.7% to HK $5.98, with a short-term resistance of 52 Hong Kong dollars and HK $6.64.

Wei Qiao's annual profit increased by 50% to RMB 892 million in the year 09, reversing the sharp regression of the 08 year's performance, sending RMB 0.2335 yuan per share, increasing 49%, and reducing the asset liability ratio from 42.9% to 37.7%.

The company is cautiously optimistic about its business and industry environment this year, boosting market confidence in its prospects.

Supplement:

Wei Qiao textile

(02698) although revenue and gross profit have declined in the first half of this year, net profit has increased by 44.7%, mainly from the contribution of electricity sales.

Management is cautiously optimistic about the second half of the year and expects cotton prices to grow in the future.

Zhang Hongxia, chairman and executive director of Wei Qiao textile company, said in explanation of performance, that the acquisition of thermoelectric assets of the two companies last year brought a new profit growth point, resulting in a substantial increase in net profit, thanks to the sale of electricity and

steam

The resulting revenue and the reduction in the cost of the period.

Improving domestic sales ratio in the second half of the year

The order and amount of Wei Qiao textile in July and August were almost unchanged from the first half of the year.

She said that because of the blocked exports, many enterprises exported to domestic market, making the domestic market fierce competition, inventory rose.

In the second half of the year, the proportion of domestic sales and export sales will be adjusted according to market conditions, and the proportion of domestic sales will be increased accordingly.

Zhang Hongxia also revealed that in addition to the rising stock of grey fabrics, cotton yarn and denim are all sold and sold in a balanced manner.

In the first half of the year, the cotton price was increased from 10000 yuan (RMB) to 13000 yuan per ton as a result of the state's implementation of the national cotton reserve policy.

Zhang Hongxia pointed out that the policy will continue in the second half of the year, so the gap between supply and demand will expand.

She thinks that the price of cotton reserves is almost the same as that of the first half of the year, which is a controllable range for the company.

The company's capital expenditure in the first half of the year was 60 million yuan, and the management did not disclose the specific figures in the second half of the year.

The company has no acquisition plan this year.

Wei bridge shares closed yesterday at HK $5.66, an increase of 0.7%.