January 18, 2008

China Grain Reserve Corporation reports 20 percent rise in grain revenue

China Grain Reserves Corporation announced 2007 sales revenue to reach RMB48.9 billion (US$6.7 billion) by buying and selling 25 million tonnes of grain and edible oil in 2007, rising 20 percent and 65 percent respectively.

Appointed by China's cabinet to manage state grain and oil reserve, the company coordinates with a string of government macro policies to stabilize the country's grain market.

China Grain Reserves Corporation auctioned last year 37.16 million tonnes of wheat reserve and imported 300,000 tonnes of wheat, apart from selling 600,000 tonnes of corn reserve and 200,000 tonnes of reserve edible oil.

In 2007, the company's profit reached RMB1.09 billion (US$150 million), up 27 percent on-year.

Bao Xin, company president, said they will try to make their business volume make up for more than 10 percent of the market total.