Food and drinks manufacturer China Foods posted a 33.72% drop in net profit for the first half, down to HK$261m (US$33.5m).

The company said profit attributable to owners of the parent fell 40.6% to HK$179m.

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For the six months ended 30 June, revenue was up 3.1% against the first half of 2009 to reach HK$8.4bn.

The company said sales in its kitchen foods business posted the largest growth, up 10.3% during the half to reach HK2.85bn. It added that, with the acceleration of urbanisation, it is focusing on building sales channels in the third-tier and fourth-tier cities through co-operation with domestic distributors.

Sales in its confectionery business reached HK$183m, a 6.7% increase over the same period of the previous year.

To find out more about China Foods’ results click here.

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