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AGRI-FOOD company Japfa reported a 91 per cent drop in net profit to US$2.08 million for the first quarter ended March 31, 2017, due to a lower price environment for its key markets.
This was despite a 3 per cent year-on-year increase in revenue to US$736.12 million.
The group's profitability was mainly impacted by the significantly lower selling prices for swine in Vietnam which started declining in the fourth quarter of 2016 due to China's import restrictions, it highlighted. In addition, Indonesia witnessed weaker broiler selling prices in Q1 2017 due to a lower-than-expected poultry demand.
Earnings per share fell to 0.12 US cent, from 1.33 US cents a year ago.