Wednesday 2011-08-10 

August 10 -- Jiangsu Huaxicun (000936) posted a 247.58 percent year-on-year increase in first half 2011 net profit to 146 million yuan, reports yicai.com, citing a company filing.

Sales revenue in the first half rose 45 percent year-on-year to 1.843 billion yuan, of which revenue from textile fiber was 1.36 billion yuan. The gross margin of its textile fiber business was 8.75 percent.

The gross margin of its PET staple fiber business climbed 5.5 percent, while that of its polyester business rose 2.98 percent.

The company attributed the strong performance in the first half to higher sales revenue, investment income and non-business revenue.

Jiangsu Huaxicun received investment dividends of 6.8 million yuan from Huatai Securities during the accounting period.

The company exchanged its special textile assets for 100 million yuan worth of equity in Donghai Securities from its controlling shareholder Jiangsu Huaxi Group.

Huaxicun’s new production lines for PET staple fiber was put into operations at end July.

Jiangsu Huaxicun, a Jiangsu-based company established in 1999, is engaged in the textile, chemical material, and chemical fiber industries

Source:CapitalVue