April 29, 2019

Wens Group's net profit curtailed by ongoing swine fever in China

The net profit of Wens Foodstuff Group, a major Chinese pork producer, has declined to a loss of CNY460 million (US$68.6 million) in the first quarter of 2019 due to the ongoing African swine fever outbreak in China, Asia Times reported.

The amount is a drop from the company's CNY1.4 billion (US$207.8 million) net profit a year ago, according to a Shenzhen Stock Exchange filing. The loss was blamed on lower hog and chicken prices, with the average hog and chicken prices  reportedly falling by 4.69% and close to 15% year-on-year, respectively.

On the other hand, Wens' revenue increased slightly by 6.22% year-on-year to CNY13.97 billion (US$208 million). 

- Asia Times