Net profit for China Minzhong dips 6.4% on higher tax expenses
Chinese vegetable processor China Minzhong Food Corp has posted a 6.4 per cent slip in net profit for its second quarter over a year ago.
Net profit was 201.9 million yuan (S$41.9 million) for the three months to Dec 31, due to higher income tax expenses, the company said on Friday.
The group said it sold a higher proportion of taxable products, such as brined products, in the quarter. Other products, including fresh-packed products and fresh vegetable produce, are tax-exempted.
The group's revenue for the quarter rose 5.1 per cent over the previous year to 905 million yuan, driven by higher sales in its cultivation and branded business segments.