CHINA: United Food posts 27% drop in Q2 net profit due to SARS
China-based meat processor United Food Holdings has reported a 27% fall in quarterly profit due to the impact of the SARS outbreak on demand for its frozen pork products.
Net profit for the April-June quarter fell to 110.09m yuan (US$13.3m) from 150.01m yuan a year earlier. Revenue fell 15.2% to 687.58m yuan, reported Reuters.
Despite the expected fall in profits due to the outbreak of Severe Acute Respiratory Syndrome (SARS), the company’s shares have performed strongly since the beginning of the year.
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