USA: Smithfield posts 93% drop in Q2 earnings
US pork producer Smithfield Foods has reported second-quarter net income of US$4.1m, compared with $60.5m for the same period last year. The company, which sells around 12 million hogs a year, said the 93% plummet in earnings was due to lower hog prices, but said it expected hog prices to turn profitable early next year.
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