China Minzhong's Q3 profit down 48%
Published on Apr 29, 2014 10:43 PM
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.
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