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60% Chinese listed textile companies guide better financial results for Q3

BEIJING
2015-10-20 12:02

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Some 60 percent of Chinese listed textile and apparel companies have guided better profitability for the third quarter and first three quarters of 2015 as compared with the same period of last year.

According to data from financial information provider Wind, by Monday 56 of the 80 textile and apparel companies listed on the Shanghai and Shenzhen bourses have guided or unveiled their financial results for the third and first three quarters of 2015, with nearly 60 percent of them expecting increases in profit.

The companies attributed the profit increases mainly to such factors as mergers and acquisitions, peeling off non-performing assets and investment returns.

Meanwhile, the wholesales and retails of the textile and apparel industry in the third quarter were lower than those for the previous quarter.

The apparel sales value of the top 100 retail companies in China declined 2.6 percent and 4.4 percent in July and August respectively, and the figure for the top 50 retail companies slid 2.8 percent and 4.8 percent in July and August.

Analysts said that textile and apparel industry was expected to keep developing in a low growth rate. And mergers and acquisitions were likely to increase thanks to recent rebound of the A-share market.

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