April 24, 2012
Henan Shuanghui posts US$30-million net profit
Henan Shuanghui Investment & Development Co (HSIDC) has reported a RMB189-million net (US$30-million) income attributable to shareholders for Q1 2012, showing an on-year decline of 28.83%.
In a statement, Shenzhen-listed HSIDC said the profit decrease was principally dragged down by weak sales and increased materials prices. Earnings per share for the first quarter were RMB0.3114 (US$0.05). Operating revenue for the reporting period, however, surged 17.4% on-year from RMB8.4 billion (US$1.33 billion) to RMB9.86 billion (US$1.56 billion).
HSIDC, the listed unit of China's largest meat processor Henan Shuanghui Group, also expects its net profit would be in the range of RMB380 million (US$60 million) to RMB418 million (US$66.25 million) in the first half of this year, reflecting an on-year jump of 400% to 450%. EPS for the period is expected to reach between RMB0.6271 (US$0.10) and RMB0.6894 (US$0.11).
The meat products provider, which offers high-temperature and low-temperature meat products, as well as fresh and frozen meat, earned RMB565 million (US$89.55 million) in net profit attributable to shareholders last year, down 51.27% from a year earlier.