Wei Qiao: Cotton Prices Are Narrowed By &Nbsp This Year, And Capital Expenditure Is Not Much More Than $200 Million.

2012/3/26 21:43:00 8

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Wei Qiao textile (02698) chairman Zhang Hongxia said in the annual performance press conference that the group's fluctuation in cotton prices last year led to a decline in group revenue and gross profit, down by 14.8% and 90.3% respectively, mainly due to the fact that

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Reduction and increase in cotton prices.

She believes that the trend of cotton prices in the future will still be affected by market demand. Although the domestic policy has increased to 2. 40 thousand yuan per ton of cotton and the cotton market in India has not yet been fully opened, we believe that cotton prices will develop steadily, but the price trend remains to be determined by the market, and the overall volatility will be narrowed this year.

Group secretary Zhang Jinglei said that the group's capital expenditure will not exceed 200 million this year.

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It is mainly used to upgrade equipment and turn equipment into automatic operation.

Zhang said that the group will set up sales outlets in Vietnam, South Africa and Bangladesh to increase sales channels.

In addition, she said that the price of raw materials increased, the renminbi appreciated and other emerging.

market

Development, such as Palestine and India, can provide cheaper labour costs, leading to greater competition in the industry.

She believes there will be opportunities for integration and acquisition in the industry, but the group does not disclose the targets and intentions of mergers and acquisitions.