CHINA: Huafeng H1 profits lead to expansion plans
Chinese fabric manufacturer Huafeng Textile International is looking to expand its production this year after encouraging first-half results.
The manufacturer and exporter of fabrics and cotton yarns posted a gross profit rise of 24% to HKD97.4m (US$12.5m) for the interim period that ended in March, with turnover up to HKD320.9m from HKD279.1m during the comparable six months last year.
Its improved performance was attributed to newly acquired units Shishi Huarun Knitting and Dyeing Co in October 2006, the company said.
In a statement, Huafeng's board said there was much room for expansion both in the fabric processing industry and the apparel market.
Huafeng is exploring opportunities to construct a new fabrics manufacturing plant near its Shishi HQ, and is adding 30m metres to Huafeng Knitting's capacity.
In addition, the South China Morning Post reported that Huafeng, which is seeking to list on the Korea Exchange, planned to spend HKD$50m on retail ventures next year.
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