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Meat processing giant Shuanghui sees profit for Q1 down 28.83%

Apr. 19, 2012 (China Knowledge) - Henan Shuanghui Investment & Development Co or HSIDC<000895>, the listed unit of China's largest meat processor Henan Shuanghui Group, has posted RMB 189 million-net profit attributable to shareholders for the first quarter of this year, reflecting a year-on-year decline of 28.83%.

In a statement, Shenzhen-listed HSIDC said the profit decrease was principally dragged down by weak sales and increased materials prices. Earnings per share for the first quarter were 31.14 RMB cents.

Operating revenue for the reporting period, however, surged 17.4% year on year from RMB 8.4 billion to RMB 9.86 billion.

HSIDC also expects its net profit would be in the range of RMB 380 million to RMB 418 million in the first half of this year, reflecting a year-on-year jump of 400% to 450%. EPS for the period is expected to reach between 62.71 RMB cents and 68.94 RMB cents.

The meat products provider, which offers high-temperature and low-temperature meat products, as well as fresh and frozen meat, earned RMB 565 million in net profit attributable to shareholders last year, down 51.27% from a year earlier.

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