HONG KONG: Texhong Textile expects higher FY profit
Texhong Textile Group, one of the largest suppliers of cotton/spandex fabrics in the world, expects its full-year profit growth to be higher than first predicted.
Profit for the year ending 31 December is likely to be helped by a CNY260m (US$43m) one-off gain on its acquisition of Shandong Morigin Textile Factory Co last June.
Based on consolidated management accounts for the year, Texhong Textile's full-year net profit is expected to exceed CNY1.10bn. During the year, the group sold over 280,000 tonnes of yarns.
When the company first announced its profit forecast in November, it said it has also continued to benefit from the consumption of low cost international cotton - although this has partly been offset by weak yarn selling prices in China.
The group is due to release its full results in March.
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