China’s Textile Companies See Lower Revenues in H1

China’s major textile companies reported lower revenues and profits in the first half of this year, official data showed. Revenues of major textile companies shrank 16.4% year on year to CNY 1.93 trillion (about US$ 278.07 billion) from January to June, according to data by the Ministry of Industry and Information Technology.

 

Profits of these companies dropped 19% from a year earlier to CNY 73.1 billion.

 

Value-added output of the enterprises went down 6.7% year on year, narrowing 9.8 percentage points from the pace of decline in the first quarter, data showed.

 

However, the technical textiles sector saw robust growth of 57.8% in value-added output with a surge in demand for COVID-19 prevention and control supplies in the first half.

 

Major textile companies include those with an annual turnover of at least CNY 20 million. (Xinhua)