April 22, 2010

Henan Huaying reports increase in Q1 net profit

Poultry integrator Henan Huaying Agricultural Development's net profit rose 11.9% on-year to RMB8.7 million (US$1.3 million).

Operating revenue was up 15.2% at RMB233.4 million (US$34.2 million), the company said in a statement filed with the Shenzhen Stock Exchange on April 21. Huaying said it expects net profit in the first half to grow about 15% following an expansion in broiler production capacity.

In 2009, the company's net profit fell 14% to RMB40.3 million (US$5.9 million) or RMB0.37 (US$0.05) per share, due to a sharp decline in the prices of duckling and other products.

Huaying targets to slaughter 23 million broilers and 45.2 million ducks in 2010, up 289% and 42%, respectively.