Chinese animal feed group Dabeinong's profit hit by swine fever
BEIJING, Aug 21 (Reuters) - Chinese animal feed maker
Beijing Dabeinong Technology Group Co Ltd said on
Wednesday its first-half net profit plunged 67.67% as an African
swine fever outbreak hurt feed demand and hit earnings from its
The firm reported net income 33.6 million yuan ($4.76
million) compared with profits of 104 million yuan a year ago.
Revenue was 8.1 billion yuan, down 10.26%.
The company is one of China's biggest feed makers with
output of 4.6 million tonnes last year, most of it targeted at
The African swine fever epidemic has swept through the
country's huge hog herd over the last year reducing its size by
at least a third and severely hurting feed demand.
Dabeinong said its pig farming operations have also
suffered, without providing detail. It moved into pig production
in 2016 with a goal of producing 10 million pigs by 2021. Last
year it produced 1 million from its wholly-owned farms.
The company, which also makes crop seeds and vaccines, said
in May that chairman Shao Genhuo, its controlling shareholder
with a 42.25% stake in the firm, planned to shed up to a 3%
stake in the company within three months.
($1 = 7.0635 Chinese yuan renminbi)
(Reporting by Dominique Patton. Editing by Jane Merriman)
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