Financial Means To Help Textile Enterprises Tide Over The Difficulties Of Appreciation
According to the statistics of the Information Department of this newspaper, the net income of some textile enterprises with export mainly increased in the first half of this year. In the context of the continued appreciation of the RMB against the US dollar, this is undoubtedly a very interesting phenomenon. Among them, financial means and import growth are the main reasons.
Data show that the growth of net income of textile industry mainly depends on a few companies such as Lu Tai A, URI shares, Chunhui shares and so on.
Of the 6 listed companies interviewed, 3 said they had gained net earnings from the exchange because of the implementation of financial means.
The net profit of Lu Tai A in the first half of this year amounted to 66 million 110 thousand yuan, an increase of nearly 59 million 970 thousand yuan compared with 6 million 140 thousand in the same period last year. The company has many foreign currencies, including Japanese yen, euro, US dollar, Hong Kong dollar, Thai baht and Singapore dollar. As the renminbi continues to appreciate against the US dollar, the sale of the company in the US and Hongkong markets should have been damaged, but the effective hedging business has made the company avoid such losses. Moreover, in the first half of the year, the company realized 99 million 900 thousand of its foreign exchange earnings, which reduced the financial cost by 68.88% compared to the same period last year. Zheng Weiyin, a securities affairs representative, said that the reason for the company's high net return was hedging.
Chunhui shares is mainly engaged in the production and sales of polyester fiber, nylon filament and other synthetic fiber products. The export volume reached 121 million this year, an increase of 50.51% over the previous year, a record high. At the same time, the net profit of the company in the first half of this year was 5 million 410 thousand yuan, up 4 million 526 thousand and 800 from 880 thousand in the same period last year. Guan Zhuowen, a representative of the company's securities affairs, said that this was because the company used the forward financing method to lock in the cost or revenue ahead of schedule.
In addition, Xiao Xiuli, a representative of Black Peony's securities affairs, also said that the financial department of the company was using foreign exchange financial products. As for the specific circumstances, the net income of the company was 2 million 50 thousand in the first half of this year, which slowed down the decline in net profit. The emphasis on financial instruments has also brought about a corresponding return. The profits and losses of the three companies in the past year were better than the general level of the industry.
But not all companies use financial instruments effectively. The net profit of this year's exchange is 5 million 550 thousand, which has increased by 9 million 960 thousand yuan compared with the net loss of 4 million 410 thousand in the same period last year. However, the growth of net earnings of the company has nothing to do with financial instruments. Zhang Meng, a securities affairs representative, said that because of the large number of cotton imports in the first half of the year, the machinery and equipment of the company's fundraising projects were imported from abroad and paid in US dollars.
Chinese clothing also said no special financial measures were taken. In the first half of this year, the international market revenue was 668 million, an increase of 18.54% compared with the same period last year. At the same time, the profit and loss of the company's exchange reached 2 million 620 thousand, representing an increase of 2 million 50 thousand over the same period last year. Miss Zhang, who runs the secretaries general, said that the conversion of foreign currency pactions and the balance sheet date and the handling method of exchange gains and losses follow the rules disclosed in the annual report. Besides, there is no special financial treatment method.
- Related reading
Changzhou Textile Industry Has Benefited Nearly 100 Million Yuan Due To The Increase In Tax Rebate Rate.
|Supply Pressure Increased Domestic Cotton Prices Fell, Half A Year Down 23%
|- Exhibition highlights | 2010 South Africa Textile Expo
- Regional policy | Wuxi Has Launched Three Sets Of Combined Boxing To Promote The Development Of Garment Industry
- Regional policy | Technological Pformation Of Textile Industry In Anhui Province To Achieve "Leap Forward" Development
- Local hotspot | Hangzhou Silk Night Market
- Glimpse of exhibition | 2010 Milan Textile Exhibition
- Local hotspot | Oxford Cloth Sells Shengze Market
- Local projects | The World'S First Demonstration Site For Home Textile Copyright Protection Has Been Extended From Nantong To The World.
- Local hotspot | Hangzhou Won The First Prize Of "China'S Top Ten Brand Cities" For The First Time.
- Exhibition video | The Thirty-Fifth Danish Textile International Exposition
- Shoe Express | 2010 Brand China China Spectrum Awards Announced &Nbsp, Lining And Other Brands On The List.
- Changzhou Textile Industry Has Benefited Nearly 100 Million Yuan Due To The Increase In Tax Rebate Rate.
- Supply Pressure Increased Domestic Cotton Prices Fell, Half A Year Down 23%
- How Does The Textile Industry Meet Challenges?
- Puning Makes Clear Four Objectives And Tasks To Build A Famous Trade City
- Olympic Marketing: What Is The Gain And Loss Of Chinese Enterprises?
- Ningbo Has Two Companies To Lead The National Standard
- After The Olympic Games, The Online Sale Of Volunteer Apparel Is Hot.
- Dalian Garment Enterprises Increase Tax Rebates By Nearly 100 Million Yuan
- Smith Barney Clothing Opened Up 51.8%, Basically In Line With Market Expectations.
- Shishi Is Expected To Produce The First Export Bra Free Enterprise In China.