CHINA: Textiles Earn 10bn Yuan Profit In First Half Year

China's textile sector earned a net profit of 10.7bn yuan ($1.47bn) in the first half of the year, 7.4bn yuan more than the same period last year. State-owned textile enterprises performed better, earning 2.4bn yuan during the January-June period, while those in the red reduced losses by 1.7bn yuan on a year-on-year basis, down 44 per cent, according to the State Administration of Textile Industry. The combined and added industrial value, the sales volume of the State-owned textile industry in 42 large and medium-sized cities nationwide improved considerably, coming close to the average level of the country's State-owned enterprises. However, profits earned in western and central China were much lower than those earned in the east of the country. Profits earned in various industries in the textile sector differed considerably, with garment, cotton textile and chemical fiber earning 3.1bn, 3bn and 2.6bn yuan respectively, far better than other industries. Non State-owned enterprises earned more than the State-owned companies, with a sales ratio standing at seven to three, and a profit ratio of eight to two.