Textile company Zhejiang Furun's 2009 profit jumps 900%

16:54, March 30, 2010      

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Zhejiang Furun Co. Ltd, a silk spinning and weaving company based in east China's Zhejiang Province, said Tuesday its 2009 profit jumped over 900 percent on a used army uniform recycling project and a machinery upgrade.

Total profit in 2009 soared 909.1 percent year on year to hit 68 million yuan (10 million U.S. dollars), according to a statement filed at the Shanghai Stock Exchange.

Earnings per share grew 625 percent to 0.29 yuan in 2009 while revenues hit 821.3 million yuan, up 24 percent year on year. Cash flow dropped 24.2 percent to 59.7 million yuan.

The company forecast revenues of one billion yuan and costs of 800 million yuan in 2010.

The machinery upgrade boosted productivity and reduced pollution, the statement said.

Furun's stock price had edged 0.85 percent higher to 9.45 yuan by midday.

Source: Xinhua
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