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In the first half, the 46 listed textile and garment enterprises witnessed a 2.79 percent fall in total operating income and an 8.22 percent increase of net profits. But the 46 companies realized a net profit of 808 million in the second quarter, representing a growth of 44 percent from the previous quarter.
Analysis shows that textile and garment enterprises witnessed mixed performances, exports declined, while domestic companies realized a more stable growth. Exports in the third quarter are expected not to be optimistic, improvement might be seen in the fourth quarter.
Wind data showed that, as of August 27, 46 textile and apparel enterprises among 60 listed companies released their interim reports. The 46 companies achieved a total sales income of 27.833 billion Yuan, representing a decline of 2.79 percent from 28.633 billion Yuan of the same time last year. 1.369 billion Yuan of net profits were attributable to shareholders of parent companies, up 8.22 percent from 1.265 billion Yuan of the same period last year.
The industry believes that recovery of the industry remains to be seen, the textile and apparel industry highly dependent on exports is unlikely to see a "turning point" in the third quarter.
In the first 7 months this year, China's total textile and apparel exports reached US $89.204 billion, showing a year-on-year decline of 11.30 percent, the rate expanded by 0.25 percentage points from the previous 6 months (-11.05%).
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