InfoAnda - Chinese textile firms see first profit fall in 10 years: state media

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Chinese textile firms see first profit fall in 10 years: state media AFP - 36 minutes ago BEIJING (AFP) - - Profits at Chinese textile firms fell in part of 2008 for the first time in 10 years due to a drop in overseas demand amid the global financial crisis, state media reported Thursday. Textile companies made an overall 104.2 billion yuan (15 billion dollars) in profits in the first 11 months of last year, a fall of 1.8 percent compared to the same period in 2007, the official Xinhua news agency quoted the National Bureau of Statistics as saying. "This was the first decline in profits for the country's textile sector in 10 years," Wang Qianjin, chief editor of webtextiles.com, a Chinese website specialising in textiles, told Xinhua. China's textile industry suffered last year -- even before the financial crisis hit -- due to a strengthening of the yuan against the dollar and rising costs of labour and raw materials. In the first quarter of 2008, exports of textiles and clothes fell 11 percent to 81.86 billion dollars. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Chinese textile firms see first profit fall in 10 years: state mediaAFP - 36 minutes ago Indian inflation at nine-month low of 6.38%AFP - Friday, January 2 Taiwan leader calls for unity amid severe economic challengesAFP - Friday, January 2 NKorea declares new campaign to rebuild moribund economyAFP - Friday, January 2 Related Articles: Business Chinese textile firms see first profit fall in 10 years: state mediaAFP - 36 minutes ago Time Warner Cable and Viacom reach dealAP - 51 minutes ago WRAPUP 11-Russia cuts off gas to UkraineReuters - 1 hour 15 minutes ago Slump means identity crisis for Las VegasAP - 1 hour 46 minutes ago SNAPSHOT - Financial Crisis - 1900 GMTReuters - 1 hour 57 minutes ago Enlarge Photo Chinese textile firms see first profit fall in 10 years: state media Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed NASA describes final moments of Columbia tragedy Actress Jennifer Aniston appears naked in GQ magazine Japanese tourist spends 3 months in Mexico City airport Hamas defiant as Israel rejects Gaza truce World stocks end calamitous 2008, eye recovery View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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