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China Minzhong Q1 profit tumbles 60%

Net margin dives to 7.6% from 19.8%; higher operating costs cited

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China Minzhong said higher operating costs, mostly labour, and average selling prices not rising fast enough to offset higher costs, pressured its margins in both its cultivation and processed business segments - PHOTO: CHINA MINZHONG FOOD CORP

CHINA Minzhong, the vegetable processor which came under fire by shortseller Glaucus Research late in August, yesterday posted a 60 per cent plunge in net profit to 48.4 million yuan (S$9.8 million) for the first quarter ended Sept 30, 2013. Earnings per share slumped to 0.074 yuan for the