August 26 -- Nanjing Textiles Import and Export (600250) filed its net profit tumbled 23.19 percent year-on-year to 4.92 million yuan in the first half for EPS of 0.019 yuan, reports China Business News. The company blamed higher material and labor costs as well as the appreciation of yuan. Nanjing Textiles exports mainly to American, European and Japan markets, but sluggish economies in the target regions have seriously affected the company’s sales, the report said.

Its operating profits were negative 7.92 million yuan. The firm earned income from selling fixed assets.

Former general manager and board director Dan Xiaozhong, assistant general manager Liu Shengning, and chief financial officer and board member Ding Jieji were investigated on charges of improper investment in 2005 and 2006, and they were suspected of damaging state-owned assets. Other senior managers resigned from their posts earlier this month, although the source did not elaborate.

Source:CapitalVue