Chinese textiles companies see profits fall
06/01/2012
It said in a statement on January 5 that 2011 had been a good year for the industry, with revenues 27.4% higher on the previous year (taking only the first 11 months into account) and output up by 10.5%. However, textile manufacturers in China saw profit levels decline.
In the January-November period, the number of enterprises that reported losses increased by 28.7% over the same period a year earlier, the ministry said, blaming "an overreliance on quantity and lower costs to gain market share".
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