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SINGAPORE: Mainboard-listed polyester yarn supplier, China Gaoxian Fibre Fabric, has reported a third quarter net profit of 105 million yuan, or about S$21 million – the same as a year ago.
Revenue for the three months ended September fell 5.6 per cent to 474 million yuan, or around S$96 million, on lower average selling prices.
China Gaoxian said on Thursday there has been a general slowdown in China's textile and garment industry. But it was able to mitigate this with higher volume growth and an improvement in margins for some of its products.
The company said it is on track with its expansion plans and expects to install 60 new production lines at its Zhejiang facility by the end of the fourth quarter. This will increase its yarn production capacity by another 10 per cent a year.
It added that it is also in negotiations to buy a piece of land near its current Fujian property for construction of a factory to further expand its production facility.
Barring unforeseen circumstances, it expects to maintain its positive performance for the rest of the financial year.
- CNA/so
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