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Textile Sector Earns 10-Billion-Yuan Profit in First Half Year
China's textile sector earned a net profit of 10.7 billion yuan (1.47 billion US dollars) in the first half of the year, 7.4 billion yuan more than the same period last year.
State-owned textile enterprises performed better, earning 2.4 billion yuan during the January-June period, while those in the red reduced losses by 1.7 billion yuan on a year-on-year basis, down 44 percent, according to the State Administration of Textile Industry.
The combined and added industrial value, the sales volume of the State-owned textile industry in 42 large and medium-sized cities nationwide improved considerably, coming close to the average level of the country's State-owned enterprises.
However, profits earned in western and central China were much lower than those earned in the east of the country. Of the 31 provinces and cities, 10 were in the red, nine of which were in the western and central China. Their losses accounted for more than 80 percent of the sector's total.
Profits earned in various industries in the textile sector differed considerably, with garment, cotton textile and chemical fiber earning 3.1 billion, 3 billion and 2.6 billion yuan respectively, far better than other industries.
Non State-owned enterprises earned more than the State-owned companies, with a sales ratio standing at 7 to 3, and a profit ratio of 8 to 2.
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