For 2009, net income increased 62.8% to $6.02m, compared with $3.7m in fiscal 2008, said the company..Gao
Ren, chairman and CEO, China Linen, said: “We are very pleased to
report a strong year with double-digit revenue and earnings growth,
which reflects aggressive and systematic movement into new markets and
our lower-cost, efficient production technologies…China Linen produces and distributes various types of linen products such as linen clothing, yarn, hemp and blending linen…The
company produces 50 different types of yarn and 110 types of linen
fabrics with greige fabric its biggest seller, accounting for 42% of
total revenue, it said…China is the world’s largest linen
textile producer and China Linen accounts for approximately 5% of
China’s total linen exports. In 2009, the company’s total exports were
valued at $17.72m and were growing at a CAGR of 28.9%…Nearly
two-thirds of China Linen’s products are exported to more than ten
countries including France, Korea, Italy, Belgium, Greece, Turkey,
Egypt, Brazil, Canada, Japan and the US. In the next 5-10 years, global
market demand for linen clothing and products is estimated to be more
than $20bn of which the Chinese domestic market will make up about 20%
or $4bn, said the company…In 2010, China Linen said it is
working to complete a production line for yarn-dyed fabric and expand
its production capacity for lower-cost, higher-profit products while
doubling productivity..
Date:3/1/2010
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