April 15, 2010
Hunan New Wellful's Q1 net profit slides by 50%
Pig producer Hunan New Wellful Co. reports that as of April 8, its first quarter net profit fell by more than 50% due to a slide in live pig prices.
The company booked net profit of RMB3.6 million (US$527,000) in the first three months of 2009, or 0.02 yuan per share. The company is to release its audited first quarter financial results on April 28.
New Wellful explained previously that the company's 2009 net profit jumped by 166.6% to RMB21.7 million (US$3.2 million), thanks to higher stock investment gains and one-off government subsidy. For this year, the company targets total revenue of around RMB718.4 million (US$105 million).
Hong Kong-based livestock and food trader Ng Fung Hong Ltd. has a minority stake in New Wellful.
