Leading textile machine maker Jingwei Textile Machinery on Wednesday posted a 38 per cent slide in full-year net profit to 82.6 million yuan as its income was hit by fierce foreign competition.

The company said it was forced to cut prices by up to 20 per cent as a result of the competition but that turnover climbed 22.5 per cent to 2.2 billion yuan in 2001, while operating profit fell 34.1 per cent to 107.1 million yuan.