Erdos' 2009 net profit down 3%
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Inner Mongolia Eerduosi Cashmere Products Co. Ltd (Erdos), a Chinese cashmere products maker, said Thursday its 2009 net profit fell 3.24 percent year on year on the global economic downturn. [More 2009 earnings releases]
The company said net profit dropped to 393.46 million yuan (57.61million U.S. dollars) last year as revenue dived 14.73 percent year on year to 8.12 billion yuan.
Earnings per share dipped 2.56 percent to 0.38 yuan, the company said in its annual report filed with the Shanghai Stock Exchange.
Diminished external demand caused by the global economic downturn hit profits, the company said.
Revenue from European markets dived 72.94 percent year on year while that from Japan and the Republic of Korea slumped 71.43 percent.
China remained the biggest market for Erdos' products, with revenue from the domestic market rising 13.96 percent to over 7 billion yuan in 2009.
The company's stock edged up 1.05 percent to 13.52 yuan per share Wednesday.
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