Weiqiao Textile net profit soars 82.4 per cent

Weiqiao Textile announced net profit surged 82.4 per cent to 1.63 billion yuan (HK$1.93 billion) due to a rising product price driven by the growth of the price of raw materials. Its revenue grew 24.8 per cent to 17.89 billion yuan during the period. The gross profit margin of the company increased from 8.7 per cent to 16.1 per cent. The growth was because of the increase in the price of its principal textile products. The company declared a final dividend of 0.4376 yuan a share.