May 11, 2009
China's Yanglin Soy posts preliminary 1Q revenues
Yanglin Soy Inc., a leading producer and processor of non-genetically modified (GM) soy products in China, announced its preliminary unaudited financial results for the first quarter ended March 31, 2009.
Unaudited preliminary revenues are expected to be approximately US$43 million compared with US$65.3 million in the first quarter of 2008.
Unaudited preliminary net loss in the first quarter of 2009 is expected to be approximately US$2.3 million compared with net income of US$5.9 million in the same quarter in 2008.
Yanglin's business during the first quarter was impacted by, among other factors, a material increase in the price of non-GM domestic soy caused by the government's national strategic reserve purchase at higher than the price formed under normal market mechanism, in response to an increase in the supply of imported GM soy, which sell at lower prices.
