Phoenix New Media Hong Kong shares | China Textile Holdings (03778) announced that for the 11 months ended November 30, 2021, the Group recorded consolidated income and consolidated net profit of about RMB 1.857 billion and 200 million respectively. As a result, it is expected that the Group's consolidated net profit for the year ended 30 December 2021 is likely to increase significantly compared with the same period in 2020.
The expected significant increase in the Group's annual consolidated net profit is mainly due to the increase in the Group's gross profit due to the increase in the Group's yarn product sales and gross profit margin. The increase in sales was mainly due to increased sales and selling prices of yarn products. The increase in gross profit margin is mainly due to the improvement in the market environment.