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Nanning Sugar reports 53.18% plunge in net profit for 2011

Apr. 20, 2012 (China Knowledge) - Nanning Sugar Industry Co Ltd<000911>, the largest listed sugar maker in China, announced yesterday that its net profit fell 53.18% year on year to RMB 86.08 million last year.

Basic earnings per share were RMB 0.30 in 2011, down 53.13% year on year.

The sugar maker said the significant decrease in net profit was a result of a sharp decline in sugar prices in the fourth quarter, rising raw material costs and the most severe power shortage in 20 years.

The company's revenue rose 9% year on year to RMB 4.24 billion in 2011.

Nanning Sugar also said that it suffered a loss of RMB 51.60 million in the first quarter of this year, whereas it earned RMB 42.68 billion in the same period of 2011. Operating revenue fell 18.63% year on year to RMB 732 million in the first three months.

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