Lihua Shares achieved its highest first-half revenue since listing, but net profit swung from profit to loss. The company reported operating revenue of 9.128 billion yuan, up 9.27 percent year on year. Net profit attributable to shareholders of the listed company was a loss of 71.9188 million yuan, compared with a profit of 149 million yuan in the same period last year. Net profit after deducting non-recurring items was a loss of 73.5633 million yuan. The yellow-feather broiler business was profitable, with 278 million broilers sold, up 7.05 percent year on year, and the average selling price of live broilers rose 6.77 percent year on year. The pig business saw higher volumes but lower profit, with 1.1257 million hogs sold, up 18.55 percent year on year, but the average hog selling price plunged 28 percent year on year, becoming the main drag on performance. The company's full cost of hog production in the first half had fallen to below 11.8 yuan per kilogram, down 1 yuan per kilogram year on year, but pig prices fell below 10 yuan per kilogram in April, far below the full cost line. The company stepped up downstream expansion, slaughtering 49.1045 million broilers in the first half, up 22.56 percent year on year, with deeply processed products accounting for 17 percent of the total, and plans to raise that to 20 percent by the end of the year.
Jiangsu Lihua Animal Husbandry Co LtdNet profit swung to a loss of 71.9 million yuan despite record revenue, driven by pig price plunge.
