March 4, 2014
Zhengbang Technology's net profit plummets 77% in 2013
Jiangxi ZhengbangTechnology Co., Ltd.'s net profit fell sharply by 77% on-year to RMB18.21 million (US$2.96 million) for the financial year of 2013, according to the company's annual report.
Zhengbang Technology posted operating income of RMB15.78 billion (US$2.57 billion) for 2013, an increase of 16% on-year.
The company says that falling porkprices in China, low capacity utilization rate at its pig farms and the huge cost for the expansion of its hog production chain contributed to the poor performance.