Denim Producer Weiqiao Textiles of China announces half yearly results
Weiqiao Textile Company Limited of China is a non state-owned enterprise and the largest cotton textile producer in the PRC, specializing in the production, sales and distribution of cotton yarn, grey fabric and denim. Weiqiao Textile is located in Shandong, China’s second largest cotton producing province. The Group has four production bases in Weiqiao, Binzhou, Weihai and Zouping and employs approximately 132,000 people.For the half year ended 30 June 2008, the Group produced 422,000 tons of cotton yarn, 751,000,000 meters of grey fabric and 88,000,000 meters of denim.
Denim Results: The company produced about 88million mtrs of denim and achieved a turnover of RMB 704 million or about USD 104 million. This translates into an average price realisation per metre of fabric of about USD 1.20 . Though the company produces more of lighter weight denims(which are cheaper), still the average prices are quite low even if compared with denim companies in other Asian countries.