CHINA: China Linen Textile revenues increase 31.2%
China Linen Textile Industry Ltd net revenues for the fiscal year ended 31 December 2009 were $30.11m, an increase of 31.2% compared with the last fiscal year. Operating income increased from $3.96m to $7.37m and income before taxes from $4.91m to $8.17m.
Egytex News Desk
Source: www.inteletex.com
For 2009, net income increased 62.8% to $6.02m, compared with $3.7m in fiscal 2008, said the company.
Gao Ren, chairman and CEO, China Linen, said: "We are very pleased to report a strong year with double-digit revenue and earnings growth, which reflects aggressive and systematic movement into new markets and our lower-cost, efficient production technologies."
China Linen produces and distributes various types of linen products such as linen clothing, yarn, hemp and blending linen.
The company produces 50 different types of yarn and 110 types of linen fabrics with greige fabric its biggest seller, accounting for 42% of total revenue, it said.
China is the world's largest linen textile producer and China Linen accounts for approximately 5% of China's total linen exports. In 2009, the company's total exports were valued at $17.72m and were growing at a CAGR of 28.9%.
Nearly two-thirds of China Linen's products are exported to more than ten countries including France, Korea, Italy, Belgium, Greece, Turkey, Egypt, Brazil, Canada, Japan and the US. In the next 5-10 years, global market demand for linen clothing and products is estimated to be more than $20bn of which the Chinese domestic market will make up about 20% or $4bn, said the company.
In 2010, China Linen said it is working to complete a production line for yarn-dyed fabric and expand its production capacity for lower-cost, higher-profit products while doubling productivity.
Source: www.inteletex.com
From the Egytex news archive, first published on 1 March 2010. Figures and names are as reported at the time.
