August 26, 2005

US hog giant Smithfield's Q1 profits fall 11 percent

US hog giant Smithfield Foods Inc., said its fiscal first quarter profit fell 11 percent due to lower pork prices.

In the quarter ending July 31,net profits fell to US$49 million, or US$0.44/share, from US$54.9 million, or US$0.49/share the previous year, the company said.

Smithfield's revenue during that period rose 11 percent to US$2.96 billion.