Shanghai Dragon Corp., China's leading textile manufacturer, reported that its profits plunged 82.3% in the first half of this year from a year ago as it invested to meet stiff domestic competition.
The Shanghai-listed company, which owns brands such as "Three Gun" underwear and "Conch" shirts, earned 5.16 million yuan (US$621,600) in the first half of this year. Per share earnings dove 82.6% to 0.012 yuan. However, the company managed to maintain stable growth in revenues in the first six months at 1.5 billion yuan, up 11.6% from the year before.
"The drop in profits is mainly the result of the company's spendings on new specialty stores across the nation in the first half …
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