According to the China Textile Machinery Association, the nation’s textile machinery manufacturers suffered drastic declines in sales and net profits during the first quarter of this year, as the coronavirus pandemic reduced their operation rates.
Flat knitting machine maker Ningbo Cixing Co., Ltd. fell into the red. The company reported profits of 153 million yuan in the first quarter of 2019 but losses amounting to 733 million yuan this year.
Zhejiang Jinggong Technology Co., Ltd., which produces texturing machines, remained in the red with net losses of 15-20 million yuan. Net losses in the first quarter of 2019 amounted to 27.29 million yuan.
Jingwei Textile Machinery Co., Ltd., which manufactures cotton spinning machinery, reported that its net profits dropped 71.4-72.5% during the quarter year-on-year to 50-52 million yuan. In addition to textile machinery, its financial business also slumped.
Carding cloth supplier Geron Co., Ltd. also saw its net profits drop 74.0-100% to 0-5 million yuan.
