China top pig producer's profits more than double

Source: Xinhua| 2019-10-23 14:02:28|Editor: ZD
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BEIJING, Oct. 23 (Xinhua) -- China's top pig and poultry producer Wens Foodstuff Group Co. said Wednesday that its net profits more than doubled during the first three quarters of the year due to higher hog and poultry prices.

Net profits surged 109.84 percent year on year to 6.09 billion yuan (about 870 million U.S. dollars) from January to September, according to a statement filed to the Shenzhen Stock Exchange.

Revenues totaled 48.29 billion yuan during the period, up 18.24 percent from a year earlier.

In the third quarter alone, the company's profits soared 137.17 percent year on year to 4.7 billion yuan. Revenues jumped 15.11 percent to 17.87 billion yuan.

The soaring profit growth was mainly due to rising chicken and hog sales.

The company sold 630 million chickens during the first three quarters, up 16.57 percent year on year, and the selling prices went up 7.57 percent.

Some 15.53 million pigs were sold during the period, down 4.02 percent, but the selling prices grew 23.87 percent due to tight supplies.

In the midst of an outbreak of African swine fever, official data showed that the country's pork prices shot up nearly 70 percent year on year last month, driving overall consumer prices up 3 percent.