August 28, 2019

Chinese feed producer Daebeinong sees 67.67% decline in first-half net profit

China's African swine fever outbreak has seriously affected the earnings of pig farms controlled by  Chinese feed producer Dabeinong Technology Group Co. Ltd which said on August 21 that it suffered a 67.67% drop in its first-half net profit.

The company reported a net income of ¥33.6 million (US$4.76 million) compared with profits of ¥104 million a year ago. Revenue was ¥8.1 billion, down 10.26%.

Dabeinong, which one of China's largest feed producer with an output of 4.6 million tonnes in 2018, ventured into pig production in 2016 and aimed to produce 10 million pigs by 2021. Last year, it produced one million pigs at its own farms. 

- Reuters