Sunday, 10 Jul 2011 08:00pm EDT
Zhejiang Huafeng Spandex Co., Ltd. announced that it expects its net profit for the first half of fiscal year (FY) 2011 to be approximately RMB 96,681,400, or to decrease by 45.8%, compared to that of the same period in FY 2010 (RMB 178,370,700). The Company previously announced that it expected the profit to decrease by less than 30%. The Company cited the increased price of raw materials, increased labor costs, decreased market demands and price of spandex, as the main reasons for the revision.

Source:Reuters