Textile Firm Slashes Profit Estimates

One of Taiwan's largest textile companies, Far Eastern Textile, has slashed its 2001 pre-tax profit estimate to T$605.6 million ($17.6m), down 77 per cent from the original estimate of T$2.61 billion.

Far Eastern Textile said in a statement to the Taiwan Stock Exchange that demand remained sluggish in the industry and the September 11 attacks in the United States delayed a recovery in the global economy.

The company also cut its full-year sales target to T$32.53bn, down 4.2 per cent from the original T$33.96bn.

On Friday, Far Eastern Textile shares closed down T$0.05 or 0.5 per cent at T$10.60, underperforming a 0.78 per cent rise on the wider TAIEX market.