BEIJING, Dec. 17 (Xinhua) -- Huafu Fashion Co., Ltd. (002042.SZ) announced on Monday that its subsidiary will invest new yarn project in Vietnam.
The Xinhua-run Shanghai Securities Journal reported that the project was the first phase of 1 million spindles of new yarn project planned by the company, with a capacity of 500,000 spindles and an investment of 2.5 billion yuan.
By the end of 2017, the company’s total assets reached 2.157 billion yuan, and its net assets stood at 1.134 billion yuan. In 2017, Huafu Fashion Co., Ltd. achieved net profit of 108 million yuan, and its operating turnover stood at 707 million yuan.
Industrial insiders of the company considered that this investment can effectively reduce the impact of the company's main raw material price difference on cost, make full use of local policies’ advantages, reduce international logistics costs, effectively avoid tariff barriers, improve cost competitiveness, expand production capacity and increase the company's competitiveness in the global market. (Edited by Ma Xin, maxin11@xinhua.org)
A single purchase
