Sino Agro Food "very pleased with Q2

Sino Agro Food "very pleased with Q2

Sino Agro Food, the China-based meat and seafood group, saw sales and profits grow in the second quarter but that failed to prevent declines for the first half overall.

The company's net income more than doubled in the three months to the end of June to US$18.3m but slid 17% for the first six months of 2016, falling to $27.4m.

Second-quarter EBITDA stood at $27.4m, up 53% from a year earlier. However, first-half EBITDA dropped 14% to $38.4m.

A similar trend was seen on Sino Agro Food's top line; first-half revenue decreased 5% to $196.2m, although second-quarter revenue was up 37% at $124.3m.

Sino Agro Food reported revenue growth from each of its divisions in the second quarter, except its cattle farms business.

CEO Solomon Lee said: "I am very pleased with operations in the second quarter. We are seeing some improvement in the underlying adverse external circumstances particularly evident in the first quarter. More importantly, we have successfully navigated to deliver positive results even when facing challenges."