Official figures released on Wednesday showed the profits of China’s top 45 textile companies dropped almost 22 per cent in the first six months of this year to $121 million.

The firms produced around $3 billion in industrial output value, up 7.5 per cent from 2001, but their combined turnover was flat at around $3.2bn, statistics from the State Economic and Trade Commission showed.

The value of textiles and clothing destined for export rose 2.7 per cent to around $650m.

Of the 45 firms, 35 posted profits in the first half of a combined $150m while the remaining 10 suffered aggregate losses of around $25m.