China Minzhong's Q3 profit halved

CHINA Minzhong Food Corporation's net profit halved for its third quarter, dragged down by both higher costs and a smaller revenue.

The group's net profit tumbled 55 per cent from a year ago to 49.1 million yuan (S$10.23 million) for the three months ended March 31.

This translates to 0.07 yuan in earnings per share, down from 0.16 yuan a year ago.

Revenue slipped 7 per cent to 451.4 million yuan, as sales fell across all its divisions, with the beverage business performing particularly badly.

An increase in other expenses and finance costs further eroded the bottom line.

The group said that the agriculture industry in China continues to be strongly supported and favoured by the government.