China Minzhong's Q4 net profit down 57.7%

CHINA Minzhong Food Corp's fourth quarter net profit nosedived 57.7 per cent year on year to 40.02 million yuan (S$8.1 million) from the previous year, the group said in a Singapore Exchange filing on Thursday evening.

For the three months ended June 30, revenue sank 18.1 per cent to 379.92 million yuan from the preceding year. The decline was due to a decrease in sales of 40.2 million yuan from the cultivation business segment and 78.5 million yuan from the branded business segment offset by increase in sales of 34.8 million from the processed business segment, it said.

Q4 earnings per share sank to 0.06 yuan from 0.14 yuan in the year-ago period.

For H2 FY16, net profit slumped 60.5 per cent to 132.81 million yuan while revenue slid 7.5 per cent to 1.82 billion yuan.

No dividend was declared, versus a dividend of S$0.0643 per share last year.