China Minzhong Food Corp's Q1 net profit down 56.6%

SINGAPORE - Chinese vegetable processor China Minzhong Food Corp has posted a 54.6 per cent slump in third-quarter net profit on Monday (Apr 25).

Net profit was 49.1 million yuan (S$10.2 million) for the three months to Mar 31, on the back of a slowing economy, the company said.

Revenue for the quarter dipped 7.1 per cent to 451.4 million yuan, compared with the same period a year ago, as there was lower sales from its branded business segment.

Quarterly earnings per share was 0.07 yuan, down from 0.16 yuan in the same period a year ago.

Net asset value stood at 8.21 yuan as at Mar 31, down from 7.98 yuan as at June 30 last year.