Xinjiang Tianshan Wool Textile Co., Ltd. finally emerged from the predicament after two consecutive years of losses. On February 22, *ST Tianfang announced its 2005 annual operating results. The results show that it achieved a main business income of 358 million yuan last year, a net profit of 9,895,800 yuan, and earnings per share of 0.03 yuan.
"This is the first time that *ST Tianfang has made a profit in recent years. Although the profit level is still not high, it is not easy compared with its huge loss of 204 million yuan in 2003 and a loss of 179 million yuan in 2004. This will also lay a good foundation for the successful completion of the debt restructuring this year. When commenting on the *ST Tianfang Annual Report, He Ying, the manager of the consulting department of Shenyin Wanguo Urumqi Securities Business Department, said. Currently, *ST Tianfang is already in China. Established a mature sales network, and opened 200 stores of “Tianshan Brandâ€, and the sales of products have turned into an upward trend. In terms of export, *ST Tianfang has developed on the basis of stabilizing the US market. Customers in Europe, Switzerland, Germany and Asia, Japan, South Korea and other countries have significantly increased their sales.
*The person in charge of ST Tianfang said that the company will start the share-trading reform in April. In 2006, the company plans to realize the main business income of 340 million yuan. At the same time, the company will continue to implement the “Tianshan Renaissance Projectâ€, which will make the company's profitability, market share and comprehensive strength steadily rank among the forefront of the industry and maintain a good development momentum.
Due to the loss of profit, *ST Tianfang’s hope of “caps off†this year has increased greatly. *ST Tianfang has filed an application with the Shenzhen Stock Exchange to cancel the special treatment of the company’s stock trading on February 21, and is currently awaiting Shenzhen. Approval of the stock exchange.
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