Weiqiao warns of “significant” profit fall
China’s Weiqiao Textile Company has warned of a significant decrease in profit for 2014, blaming the “drastic” fall in China’s domestic cotton prices.
The company said the price falls in the 2014 crop year had come as a result of the cancellation of the Chinese government’s national cotton temporary reserve policy, and the implementation of the detailed full scale of direct subsidy policy in September.
As a result, Weiqiao said, its downstream customers had adopted a cautious approach to purchasing, negatively impacting market demand, as well as the group’s sales volumes and selling prices.
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