This post was originally published on this site
https://i-invdn-com.akamaized.net/news/LYNXMPECAH083_M.jpg
© Reuters.By Gina Lee
Investing.com – China’s Muyuan Foodstuff (SZ:)reported a net profit of CNY 4.1 billion ($578.86 million) for the first quarter of 2020 in its filing at the Shenzhen Stock Exchange on Sunday.
It reported a CNY 540.9 million net loss a year earlier.
The company, China’s second largest pork producer, attributed the profits to the agreements it signed for hog breeding projects. The breeding projects helped to steady supply as African Swine fever hit herds across the country in August 2019, resulting in a massive cull of over 950,000 pigs.
The Food and Agriculture Organzation (FAO) said cases have also been detected in neighboring Mongolia and Vietnam.
The more recent COVID-19 pandemic also brought challenges as wet markets and slaughterhouses shut down across China.
Muyan’s stock jumped 5.21% to CNY135.09 ($19.19) by 12:57 AM ET (5:57 AM GMT).
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
