C.P Pokphand Hong Kong loses US$18 million in Vietnam and China
By Minh An
September 14, 2017 | 06:17 AM GMT+7
C.P. Pokphand Co., Ltd., a Hong Kong-based investment holding company principally engaged in the manufacture of animal feed products has announced its US$18 million loss in its three business sectors including farm, feed and food in Vietnam and China.
C.P’s feed mill in Vietnam
Despite the 9.4 per cent increase in the revenue after the first six months of 2017, C.P Pokphand Hong Kong announced its US$18 million loss in the Vietnamese and Chinese markets due to the significant decrease in the pig price since 2016.
C.P Pokphand Hong Kong’s revenue for the first 6 months of 2017 was 11 per cent lower than the US$2.64 billion revenue of the same period last year, in which Vietnamese market contributed US$954 million. The figure in the sectors of farm and food has reduced by 21 per cent due to the 40 per cent decrease in the pig price. The revenue and production in the sector of feed increased by 5 per cent in the first half of 2017, compared to 20 per cent in the same period of last year. Also, the company’s biological assets reduced by up to US$27 million.
In the early of July, C.P Pokphand Hong Kong’s Board of Directors said that the situation in Vietnam would be improved; however, its profit in 2017 might not be as good as 2016.
Owning to the opening of the farming sector, C.P Pokphand Hong Kong’s revenue increased significantly in the past years.
Starting its business in Vietnam in 1988, C.P Pokphand Hong Kong currently holds VND1,700 billion (roughly US$74.923 million) of capital, 29 per cent of which hold by C.P Thailand and the rest belongs to C.P Pokphand Hong Kong.
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