Want Want 's interim rises 18pc to 1.6b yuan

Business | Kevin Xu 20 Nov 2019

Snack food and beverages manufacturer Want Want China (0151) yesterday said its net profit for the six months ended September 30 grew 18.4 percent year-on-year to 1.61 billion yuan (HK$1.79 billion).

Interim revenue rose by 0.6 percent to 9.3 billion yuan from the year before.

The basic earnings per share were 12.99 fen.

Want Want declared an interim dividend of 0.64 US cents per share (HK 4.99 cents).

The gross profit margin grew by 4.4 percent to 48.9 percent, due to improved product mix and lower raw material costs. In the first half of the financial year, revenue from the rice crackers segment fell by 2.1 percent year-on-year to 1.82 billion yuan, due to the company's decision to cut the production volume of low-margin sub-brand rice-crackers for profitability consideration, the company said.

Revenue from the dairy products and beverages segment amounted to 4.95 billion yuan, representing a 5.5 percent growth year-on-year.

In the same half, revenue from snack foods reached 2.51 billion yuan, representing a decrease of 6.2 percent when compared with the same period last year. This was due mainly to the weak sales of popsicles as weather conditions were unfavorable to sales of the product, the company said.

The cost of sales during the same period dropped 7.4 percent year-on-year to 4.75 billion yuan, primarily due to the decrease in the cost of certain key raw materials such as carton boxes, sugar, rice, and palm oil.

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