Weiqiao Textile (02698): Interim Results Released, Shareholders Should Account For A Loss Of 504 Million Yuan, Down 22.41% Year On Year

Weiqiao Textile (02698) released its interim results for the six months ended June 30, 2023 in the evening of August 11, with revenue of about 7.951 billion yuan (RMB, the same below), a year-on-year decrease of about 4.1%; The loss attributable to shareholders was 504 million yuan, down 22.41% year on year; The loss per share was 0.42 yuan.

It is reported that during the period, the owner of the company should account for a net loss of about 504 million yuan, which is mainly due to the fluctuation of lint prices, leading to the increase of the production costs of the group's textile products. Although the sales price of the group's textile products has increased, the increase in product prices is less than the increase in production costs; And the Group's electricity business maintained profitability, but the sales volume of electricity decreased compared with the same period last year, resulting in a year-on-year decrease in gross profit; At the same time, according to the operation of power assets, the Group has withdrawn the impairment of some power assets.