July 21, 2010

Shandong Delisi H1 net profit expected to decrease

As a result of weak pork prices and higher costs for expansion, pork processor Shandong Delisi Food Co. estimated its first-half net profit may fall 30-45%.

In the first half of 2009, the company posted a net profit of RMB50.1 million (US$7.4 million).

Delisi's first-quarter net profit was down 29% at RMB24.6 million (US$3.6 million), while operating revenue rose 9.4% to RMB360 million (US$53 million).

It is scheduled to release interim report on August 26.

Delisi went public in Shenzhen in January after raising about RMB800 million (US$118 million) with an offer of 63 million shares.