Wei Qiao Textile (02698): Profit Attributable To Shareholders In The First Half Of The Year Dropped 32% To 206 Million Yuan

Wei Qiao textile (02698) released its first half performance in 2019. The company achieved a revenue of 7 billion 780 million yuan (the same below), a decline of 7.4% compared with the same period last year. The company's owners should net profit of 206 million yuan, down 32% compared with the same period last year, and the basic earnings per share were 0.17 yuan.

Notice that net profit decline is due to the low demand for textile market, the decline in the price of group textiles, resulting in a larger decline in gross margins of textiles.

The announcement showed that textile revenue fell 10.4% to 5 billion 19 million yuan in the first half of the year, and electricity and steam revenue declined by 1.5% to 2 billion 760 million yuan; group cotton yarn output was about 198 thousand tons, a decrease of about 4.8% compared with the same period last year; the output of grey fabric was about 403 million meters, a decrease of about 7.4% compared with the same period last year; the output of denim cloth was about 31 million meters, which was about 11.4% less than that of the same period last year.