September 4, 2013

Sunner Development reports huge loss in first half of 2013

Fujian Sunner Development Co. Ltd. (Sunner Development) has released its financial statement for the first half of 2013. The company posted a net loss of RMB233 million (US$38.07 million) in this period, plummeted by 280.62% on-year.

The company's operating income reached RMB1.911 billion (US$312.22 million) in the same period, an increase of 2.63% on-year.

Sunner Development says that the sales of its chicken products are decimated by the H7N9 avian flu, while prices of raw materials for the feed manufacturing have kept rising. The company also says the financial planning for the development of two subsidiaries this year is another factor for the drop in profit.   

Sunner Development engages in breeding, slaughtering, processing, and the sale of chicken products in China. The company offers frozen chicken for fast food chains, food processing industries, and wholesale markets.