China Minzhong's Q3 profit down 48%

SINGAPORE - Chinese vegetable processor China Minzhong Food Corp has reported a 48 per cent drop in its third quarter net profit to 133.3 million yuan (S$26.8 million).

Earnings fell as revenue for the three months ended Mar 31 declined 28 per cent to 690.3 million yuan.

The company said in a statement that turnover from its processed business unit dropped 38 per cent to 366.6 million yuan.

Orders for fresh-packed products from Chinese exporters suffered a significant drop, leading to the decline in revenue.

Net profit for the nine months decreased 35 per cent to 383.6 million yuan, as revenue went down by 8 per cent to 2.2 billion yuan.

China Minzhong's quarterly earnings per share was 0.2 yuan, down from last year's 0.43 yuan.

Net asset value per share rose to 7.76 yuan at the end of March from 7.28 yuan at the end of June.