Hong Kong - Xingda International-Holdings Ltd, a Chinese producer of steelcord for tyres and other products, saw lower profits on increased sales for the six months to 30 June 2011. During the first half of 2011, Xingda's revenue increased by 10,5 percent to RMB 2,805 million (?304 million) while gross profit decreased to RMB 758 million. Gross profit margin dipped to 27.0 percent due to softened domestic demand and change in sales mix. Adjusted profit decreased 14.2 percent to RMB 314 million.
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