April 27, 2009
China's Henan Shuanghui reports 29-percent jump in Q1 net profits
Henan Shuanghui Investment & Development Co (HSIDC), a subsidiary of Shuanghui Group, saw its net profits hit RMB173.77 million in the first quarter of 2009, an on-year rise of 28.66 percent, according to its quarterly report released on April 23.
Meanwhile, the company's operating revenue reached RMB6.157 billion, dropping 6.74 percent compared to the same period last year. It achieved earnings per share of RMB0.2868, net assets per share of RMB4.23, and return on net assets of 6.77 percent.
The Shenzhen-listed company is mainly engaged in the production and distribution of high- and low-temperature meat products and fresh frozen meat, with high-temperature meat products being the company's major profit source.
The continuous drop in prices of live hogs and pork in China was the main reason that led to the increase in Shuanghui's net profit in the first quarter of this year.
US$1=RMB6.827 (Apr 27)
