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China's textile companies see lower revenues in H1

Xinhua | Updated: 2020-08-10 16:48
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A textile company resumes work in Zaozhuang, East China's Shandong province, on Feb 20, 2020. [Photo/Sipa]

BEIJING -- China's major textile companies reported lower revenues and profits in the first half of this year, official data showed.

Revenues of major textile companies shrank 16.4 percent year-on-year to 1.93 trillion yuan (about $278.07 billion) from January to June, according to data by the Ministry of Industry and Information Technology.

Profits of these companies dropped 19 percent from a year earlier to 73.1 billion yuan.

Value-added output of the enterprises went down 6.7 percent year-on-year, narrowing 9.8 percentage points from the pace of decline in the first quarter, data showed.

However, the industrial textiles sector saw robust growth of 57.8 percent in value-added output with a surge in demand for COVID-19 prevention and control supplies in the first half.

Major textile companies include those with an annual turnover of at least 20 million yuan.

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