Sino Agro Food Inc (fka SIAF)

[Helium-3]

China agriculture firm New Hope Liuhe's Q2 profit up 73 pct

Aug 28 (Reuters) - New Hope Liuhe Co Ltd, the listed unit of China's top animal feed producer, posted a 72.9 percent increase in its second-quarter net profit, picking up from the previous quarter due to a recovery in its feed and meat products businesses.

The company, based in China's southwestern province of Sichuan, reported a net profit of 950.62 million yuan ($154.77 million) during the January-June period, up from 848.51 million yuan a year earlier, it said in a Chinese-language filing on the Shenzhen stock exchange.

Liuhe, which produces animal feed, dairy and meat products, saw its second-quarter net profit totalling 667.49 million yuan, 72.9 percent higher than 385.98 million yuan a year ago, according to Reuters' calculations based on company data.

The growth outpaced the 38.8 percent fall in the first quarter, but was slower than the fourth quarter when its net profit more than doubled, based on ThomsonReuters Eikon data.

Rising prices of raw materials and labour have been pressuring the financial results of the flagship unit of New Hope Group, China's largest animal feed producer.

China's slowing economic growth, bird flu fears and doubts over food quality issues have also sapped demand for everything from raw chicken cuts to canned pork produced by Chinese agribusiness companies.

The results announcement came after China markets closed. On Thursday, New Hope Liuhe's shares fell 1.7 percent, lagging the main Shanghai composite index's 0.6 percent loss.

http://www.reuters.com/article/2014/08/28/new-hope-liuhe-results-idUSL4N0QB4KF20140828
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000876:Shenzhen

Market Cap 24B
PE 12.2