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China Kangda Food warns of potential loss for FY 2017
CHINA Kangda Food Company has warned that it could record a loss in its earnings for the year ended Dec 31, 2017, on the back of seasonal factors and increase in costs.
The dual-listed company, which is involved in the breeding and sale of livestock, poultry and rabbits, announced this in a Singapore Exchange filing on Wednesday after the market closed.
The expected decline in the unaudited net profit of the group was mainly attributable to the increase of the mortality rate of chickens resulting from bad weather in 2017, and an increase in administrative costs that mainly arose from higher professional fees and staff cost.
The assessment was based on a preliminary review of the unaudited financial information of the group for the year ended Dec 31, 2017 and information currently available to the board.
China Kangda last traded on Feb 28 and closed at S$0.17.