April 8, 2010
China Agri-Industries aims to double revenue
Grain processor China Agri-Industries Holdings will maintain high capital expenditure in the next three years to expand production capacity, aiming to double revenue to HK$90 billion ($11.6 billion) by 2012.
The company posted HK$43.83 billion (US$5.6 billion) in revenue for 2009, up 5% from a year earlier.
"We are excited about developments for the coming three years," managing director Yu Xubo said. The company aimed to diversify from oilseeds and wheat production into branded retail operations to reduce the potential impact of changes in raw materials costs, he said.
Yu also said the earnings capability of parent-controlled biology engineering developer Anhui BBCA Biochemical had been greatly improved following restructuring and technology upgrades, and it was ready for injection into the Hong Kong listed company. State-owned COFCO is the parent of Anhui BBCA and China Agri-Industries.
China Agri-Industries posted a profit of HK$1.95 billion (US$251 million) for 2009, down 26% from a year earlier.
