October 24, 2013

Minhe's profit plunges by 175% in first three quarters of 2013

Shandong Minhe Animal Husbandry Co., Ltd. (Minhe) announced its financial report for the third quarter of 2013 on October 22. The company realised an operating income of RMB252 million (US$41.44 million), a drop of 8.15% on-year; while its net loss reached RMB58.58 million (US$9.63 million) in this period.

In the first three quarters of 2013, Minhe's total income totalled RMB732 million (US$120.34 million), slipped by 18.6% on-year; while its net loss reached RMB137 million (US$22.52 million), a staggering fall of 175% on-year for the company's profit.

The company blames the H7N9 outbreak and the scandal of antibiotics-fed chicken this year for the huge financial loss.

Minhe is mainly engaged in the breeding, hatching, and production of broilers and the processing, preparation, and packaging of chicken products.