July 12, 2010

Fujian Sunner H1 net profit expected to decrease

Poultry integrator Fujian Sunner Development Co. has forecasted that its first-half net profit may post an on-year decrease of 15% amid lower margins and heavy rain loss.

In the first half of 2009, the company's net profit was RMB81 million (US$12 million), or RMB0.22 (US$0.03) per share.

Chicken sales rose in the period, but the prices did not climb as expected, while corn costs were growing, Sunner said in a statement to the Shenzhen Stock Exchange on July 9.

Fujian Sunner said on June 21 that the heavy rain hitting south China since mid-June caused an economic loss of about RMB30 million (US$4.4 million) to the company. It is scheduled to release interim report on July 17.