Chinese textile firms have seen their profits drop for the first time in a decade, according to state media reports last week, after the global financial crisis led to lower demand for their products.

Citing figures from the National Bureau of Statistics, the Xinhua news agency said profits at textile companies fell 1.8% in the first 11 months of 2008, compared to the same period in 2007, to CNY104.2bn (US$15.25bn).

The statistics bureau also said that profits of chemical fibre makers slumped by 74.9%.