Wei Qiao Medium Term Net Profit Decreased By 31.8% To 206 Million Yuan Without Paying Dividends.

Wei bridge textile (02698-HK) announced that in the six months ended June 30, 2019, the group's income was about 7 billion 784 million yuan (RMB, the same below), a decrease of 7.4% compared to the same period last year, and the profit attributable to the owners of the group was about 206 million yuan, down 31.8% from the same period last year, and the profit per share was 0.17 yuan.

The announcement pointed out that the decline in net profit during the period was mainly due to the sluggish demand in the textile market, which led to a decline in the gross profit of textiles.

During the period, the group's textile revenue was about 5 billion 19 million yuan, down by about 10.4% compared with the same period last year, mainly due to the unfavorable factors such as trade friction. The global economic growth was weak and the market demand weakened, resulting in a corresponding decline in the income of the three categories of textile products. The electricity and steam revenues were about 2 billion 765 million yuan, down 1.5% from the same period last year, mainly due to the fact that during the period of stable electricity sales, the group lowered the electricity price according to the established electricity pricing adjustment mechanism.