Jingwei Textile Machinery Co Ltd has posted a 6.5 per cent year-on-year drop in first quarter net profit to US$3.87 million.

The Chinese company, which attributed the downturn to a general slowdown in the textile machinery market, also reported a 1.14 per cent year-on-year slip in revenue from main operations to US$115m for the quarter.

Gross profit for the three-month period, however, rose 1.23 per cent year-on-year.