Youngor Group H1 Earnings Up 44%

Date:2011-09-01     Source:hangmeilile  Text Size:

August 31 -- Youngor Group (600177.SH) posted a 44.14 percent increase in net profit to 837 million yuan in the first half of 2011, reports China Business News, citing a company filing. Sales revenue in the same period grew 0.71 percent to 539 million yuan. Percentage changes cited in this report are year-on-year.

Net profit of Youngor’s clothing segment climbed 23.88 percent to 404 million yuan in the first half of 2011, while its investment business recorded a net profit of 390 million yuan, up 680.22 percent.

In the first half of 2011, the Ningbo-based apparel maker invested 1.39 billion yuan to participate in the private placements of more than ten listed companies. Total investment in private placements hit 8.19 billion yuan by the end of June. The stocks’ value totaled 12.75 billion yuan, the source said.

Youngor also holds 20 million restricted shares in China Hainan Rubber Industry Group (601118). The company previously spent 225 million yuan to acquire 15 million shares from China UMS, increasing its stakes in the firm to 5.05 percent.


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