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Dated: 1 October 2008
China Yurun Food has reported its interim results for the six months ending 30 June 2008.
During the period, Yurun's turnover amounted to HK$6,043 million ($775 million) compared to HK$3,450 million in 1H2007, representing a significant increase of 75.2% compared to the corresponding period last year.
The chilled meat business and low temperature meat product (LTMP) business remained the main revenue drivers for the group during the period.
Gross profi t and net profit amounted to HK$821 million and HK$672 million respectively, representing growth of 60.3% and 70.9% respectively over the first half of 2007.
Gross profit margin and net profit margin remained stable at 13.6% and 11.1 %.
Says Yurun’s chairman Zhu Yicai: "While operating in an environment of tight domestic hog supplies and high procurement costs, we maintained strong revenue growth and stable margins by expanding our marketing and sales efforts at closed circuit television and other mobile media platforms, focusing on mid to high-end markets and enhancing our product mix.
"The group has also successfully entered into a loan agreement with a syndicate of banks for up to HK$450 million at an interest rate of about 4%. This loan would be used to further expand production capacity and marketing and sales efforts."
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