September 3, 2013

 

New Hope Group reports losses in H1 2013 financial report


 
 

New Hope Group announced its financial results for the first half of 2013 on August 30. The company realised an operating income of RMB30.91 billion (US$5.05 billion), dropped by 13.82% on-year; while net income fell to RMB849 million (US$138.74 million), plunged by 14.86% on-year.

 

The company blamed the H7N9 outbreak for the losses. Sales of its ducklings, chicks, and broilers dropped by 0.14% to 206.51 million birds in the first half of 2013, as poultry consumption was decimated by the H7N9 avian influenza. Its feed and slaughtering businesses were also affected.

 

New Hope Group, China's largest producer of animal feed, also engages in production of meat, eggs and dairy products.