China Minzhong Food Corp, the China-based vegetable processor, has reported a 48% drop in its third quarter net profit to 133.3 million yuan ($26.8 million).
Earnings fell as revenue for the three months ended Mar 31 declined 28% to 690.3 million yuan.
Revenue for 3QFY2014 decreased by 28.3% to RMB690.3 million from RMB962.2 million a year ago. This was due to decreased sales of RMB220.9 million from the processed business segment and RMB97.5 million from the cultivation business segment, but partly offset by an increase in sales of RMB46.5 million from the branded business segmen
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