CHINA: People's food announces expansion plans
Chinese food processing firm People's Food has said it plans to expand its operations, despite posting lower net profit for the third quarter.
The Singapore-listed company reported net profit of CNY101.2m (US$12.2m), for the third quarter to 30 September, a fall of 55% compared to the year-ago period.
Quarterly turnover fell 11% to CNY1.1bn, due to lower production in the aftermath of the outbreak of SARS, reported Dow Jones International News.
The company said it would spend CNY98.1m on buying a factory, and CNY180m on building another plant. The company also plans to spend CNY230m on expanding two existing plants.
The move is aimed at increasing production capacity to lift sales.
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