- In an earnings report to the Shenzhen Stock Exchange, Henan Shuanghui Investment & Development (000895.SZ) has posted an 11.5% decline in net profit for the first half of 2017 to RMB 1.904 billion.
- The company recorded a 5.99% decrease in revenue to nearly RMB 24 billion.
- EPS for the first half was RMB 0.5771.
Why It Matters:
- Henan Shuanghui is China’s largest meat processor and distributor but the business has been suffering from the slowing macro economy and a decline in the price of pork during the first half of the year. The latest data from the Ministry of Agriculture shows that the average raw pig price during the first half declined 16.2% year-over-year.
- The company has said that the number of pigs slaughtered during the first half increased 2.16% year-over-year to 6.34 million units.
- Earlier, the company posted a 3.51% increase in net profit for 2016 to RMB 4.4 billion and a 15.94% increase in revenue to RMB 51.82 billion.