Cotton textile manufacturer Weiqiao Textile has posted an 87.9 per cent rise in net profit to Y542 million for full-year 2003, up from Y288m in the previous year.

The Shandong based company, which partly attributed the result to strong sales of grey fabric, also reported a 49.8 per cent year-on-year increase in turnover to Y6.56m for the 12-month period.

Gross profit margin, meanwhile, was 18.5 per cent for the year compared to 14.9 per cent in 2002.