Textile company predicts good year

THE textile industry can expect a more profitable year ahead, according to the chairman of China Resources Textiles, Guan Guanghua.

'The European and American markets have been recovering after several years of slowdown. I believe the textile industry will follow the trend, although I don't think it will return to the peak of 1986,' Ms Guan said.

According to the company, about half of the cotton yarn and fabric imported into Hong Kong came from China and was worth about $3.8 billion. Of this, 60 to 70 per cent was traded by the company.

The turnover for the company exceeded $8.85 billion this year.

The company is one of the subsidiaries of China Resources Holdings, China's largest trading corporation affiliated to the Ministry of Foreign Trade and Economic Co-operation.

The core business of the company is the distribution of textile products such as cotton yarn and cloth and polyester-cotton yarn and grey fabric.

Ms Guan said the company would make good use of Hong Kong for re-export of its products next year.

The firm has nine wholly owned and associated companies in Hong Kong and 20 joint-venture enterprises in eight provinces in China.

Ms Guan said the company would continue to expand its sales and maintain its agency service network. Next year, the company will celebrate its 15th anniversary.