Pork producer net falls 17pcBusiness | Avery Chen 14 Aug 2019
Chinese pork producer WH Group (0288) reported its first-half net profit fell 16.9 percent year-on-year to US$463 million (HK$3.61 billion), due to the higher cost of raw materials such amid the outbreak of African Swine Fever in mainland China.
The world's top pork producer saw a 10.7 percent growth in net profit after biological fair value adjustments. Basic earnings per share was 3.15 US cents and an interim dividend of 5 HK cents was declared.
Operating profit in China slumped 21.5 percent to US$288 million while the United States saw a 13.2 percent growth to US$446 million. Chairman Ma Xiangjie said the company has introduced some measures for cost-saving, including product structure adjustment, cost control, and internal control.
Shares of WH Group fell 2.04 percent to HK$6.72.