August 30, 2010

China Green profit leaps 27% on higher corn sales

China Green Holdings Ltd. reported a 27% increase in annual profit, driven by higher sales of products including sweet corn and corn milk.

Net income rose to 576 million yuan (US$85 million) for the year ended April 30, from 454.9 million yuan (US$66.86 million) a year earlier, the company said today. Sales climbed to 1.9 billion yuan (US$0.28 billion) from 1.5 billion yuan (US$0.22 billion).

China Green Holdings slumped as much as 45% on August 27 after saying it postponed reporting results because its auditor needed more time. The stock ended 37% down at HK$5.54 (US$0.71). The company didn't explain the reasons for the delay in the statement today.

China Green's headquarters are in Xiamen in eastern China and it employs 8,000 workers, about half of whom work on its farms, according to a statement on its website.

Of the 14 analysts surveyed, 11 rated China Green shares a "Buy." One rates the stock a "Sell."