Chinese meat processor Zhongpin has blamed higher costs and increased competition for a fall in quarterly profits.

Zhongpin said its net income fell 40% to US$11m in the third quarter of the year. Sales increased 4% to $415.7m but Zhongpin said more of its revenue came from cheaper products, which, combined with higher hog and labour costs hit profits.

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The company, which is listed in the US, also pointed to “higher competition in the market” and the need for more promotions to protect market share.

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