Wei Qiao Textile Intermediate Profit 32% Drop, No Dividend.

Wei Qiao textile (02698) announced that as at the end of June 30th, the net profit was about 206 million yuan (RMB). The same below), down 32% from the same period last year, with a profit of about 17 cents per share and no medium-term interest rate.

During the period, revenue decreased by about 7.4% to about 7 billion 784 million yuan, gross margin fell by about 30.73% to about 608 million yuan, but the financial cost dropped by about 144 million yuan to offset some of the impact. The group pointed out that textile income decreased by about 10.4% compared with the same period last year. The main reason was friction and other unfavorable factors, resulting in a corresponding decline in the income of the 3 categories of textiles, while electricity and steam revenue fell by about 1.5%. The main reason was that the electricity price was lowered by the impact of the coal price decline, while the decline in net profit resulted from a decline in gross profit due to the decline in the price of textiles.