China Yurun Food Group Limited ("Yurun Food" or the "Company", and together with its subsidiaries, the "Group") (SEHK: 1068), a leading vertically-integrated meat-product processor and supplier in China, announced today its interim results for the six months ended 30 June 2012 (the "Period").
During the Period, the Group recorded a turnover of HK$12,529 million. The Group's gross profit was HK$268 million with an overall gross profit margin of 2.1%. During the Period, profit attributable to shareholders was HK$107 million and diluted earnings per share was HK$0.059.
During the Period, Yurun Food endeavored to strengthen its business development through proactive brand building and diversified marketing strategies, rigorous cost control measures and strict implementation of international product quality control standards.
Mr. Li Shibao, CEO of Yurun Food, said, "Facing the challenges of a depressed macroeconomic environment, as well as weakened consumer sentiment, we have implemented a series of measures to minimize the impact of these short-term fluctuations on the Group's long-term development.
These measures include adopting prudent measures to control and reinforce cooperation with a broad range of sales partners, so as to maintain our market competitiveness, reinforce the solid business foundation fostered by Yurun Food over the years, and drive sustainable business development. "
Mr. Li continued, "Although we are still facing tremendous challenges, leveraging on the robust nation-wide foundation built by Yurun Food, as well as the relentless efforts of the entire team, the overall business performance in 2012 has already shown signs of improvement.
We believe that the overall development dynamic of the industry, together with the competitive advantages of Yurun Food accumulated over the years remain fundamentally unchanged.
We are optimistic that, with our comprehensive, hands-on industry and management experience, various innovative business ideas, together with the concerted efforts of the Group, we will continue to reinforce and drive sustainable and stable business development, and capture the opportunities brought by industry consolidation."
The Group's business is divided into downstream processed meat products and upstream chilled and frozen meat segments...
Source: Argentine Beef Packers S.A.
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