China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (4336)	2/4/2005 2:01:47 PM
From: RealMuLan	Read Replies (1) of 6370

Growth in profit slows at textile companies February 4, 2005 Aggregate profit at 38 state-owned textile companies rose at a slower pace last year because of investment curbs and higher costs of raw materials. Earnings at the companies rose 13percent to 1.86 billion yuan (HK$1.75 billion), the State-owned Assets Supervision and Administration Commission said on its website without giving the year-earlier figure. Profit had more than doubled in 2003. Sales rose 2.1 percent to 74.9 billion yuan, according to the statement. The mainland's textile industry may report an increase of 18 percent in first-quarter profit on increased orders after textile quotas expired, a research unit of the State Council said in a report published in the Shanghai Securities News last Friday. Four decades of quotas on textile trade expired on January 1, ending a system that limited mainland exports in 2,400 items, including cotton shirts and denim. Meanwhile, aggregate profit at 32 government-owned coal makers rose 190percent last year, compared with a year earlier, as economic growth spurred demand for the fuel to run power generators and steel mills. Profit rose to 20.5 billion yuan as higher prices boosted sales, the commission said without specifying whether the profit was before or after tax. Sales rose 58 percent to 226.8 billion yuan. Value of stockpiles at the end of last year increased by 31 percent from a year earlier. The firms have benefited from a surge in demand for the fuel burned by most of the country's power plants as growth increased electricity consumption. The economy grew 9.5percent last year, the fastest pace in eight years. BLOOMBERG thestandard.com.hk

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