March 20, 2008

China's Shuanghui reports higher earnings for 2007

Despite increased production cost, China's Shuanghui continued to perform well for the financial year ending Dec 31, 2007.

In its filing to the Shenzhen Stock Exchange yesterday (Mar 19), the Henan-based pork processing company said 2007 revenue jumped 41.6 percent on-year to RMB21.8 billion. Net profit attributable to shareholders was RMB560 million, up 20 percent compared with 2006. Earnings per share increased to RMB0.9272.

Company production in 2007 continued to register strong growth, with output of high temperature meat products (HTMP) totaling 646,000 tonnes, an increase of 7.6 percent on-year. Production of low temperature meat products (LTMP) surged 51.6 percent on-year to 188,700 tonnes. Hog slaughter volume in 2007 was 3.79 million heads, 27.6 percent lower compared with 2006.

In its report, Shuanghui said that it will continue to grow it share of the China market for its various products. The company will also step up production of LTMP as well as chilled and frozen pork products.

RMB1=US$0.1415 (Mar 20)