October 23, 2013

Longping High-tech reports loss in Q3 earnings

 

Yuan Longping High-tech Agriculture Co., Ltd. realised an operating income of RMB911 million (US$149.62 million) for the first three quarters of 2013, representing a fall of 4.26% on-year; while its net income of RMB105 million (US$17.24 million), plunged by 36.68% on-year. 

In the third quarter alone, the company's total income was RMB65.78 million (US$10.80 million), a staggering fall of 44.73% on-year; while its net loss reached RMB47.46 million (US$7.80 million). In the same period of 2012, the company made a net profit of RMB27.69 million (US$4.55 million).

Longping High-tech blames the loss for the disposal of a number of its non-core assets, including subsidiaries Hunan Agri Care Co., Ltd., Jiujiang Longping High-tech Seed Industry Co., Ltd., Longping Rice Seed Industry Co., Ltd. and Longping Vegetable Industry Co., Ltd..   

Longping High-tech is a crop technology and innovation company. It engages in crop breeding, seeds multiplication, and offers seeds of hybrid rice, pepper, rape, corn, cotton, and maize, wheat, musk melon, and vegetables. It also provides chemicals and fertilisers.