August 16, 2011
Chinese soy processor Yanglin Soy Inc posted a 9.14% drop in second-quarter net sales to US$4,560,212, mainly due to reduced supply of raw materials caused by farmers' high price expectation.
The company recorded a gross loss of US$3,281,653 in the three months ended June 30, 2011, versus a gross loss of US$2,623,972 a year ago. Its gross profit margin decreased from negative 5.26% to negative 7.24% over the same period.
The second-quarter gross loss was a result of large imports of soy, high soy prices and the increase in raw material prices for some of the company's soy products.
Yanglin Soy manufactures soy oil, salad oil and soymeal with an annual processing capacity of 520,000 tonnes in 2011. Majority of Yanglin Soy's customers are located in Northern China.