Synear Food Holdings, one of China’s leading quick freeze food producers, today reported earnings of RMB15.4 million ($3 million) on revenue of RMB444.3 million for the three months ended June 30, 2012 (2Q2012).
This compares against net profit of RMB22.6 million on revenue of RMB476.9 million for the three months ended June 30, 2011 (2Q2011).
For the six months ended June 30, 2012 (1H2012), Synear reports a net profit of RMB39.2 million on revenue of RMB940.8 million. This compares against a net profit of RMB54.2 million on revenue of RMB1.0 billion in the previous corresponding financial period (1H2011).
Overall sales had witnessed a decline across all three product segments in 1H2012 as consumer confidence in the quick freeze food industry remained soft. Sales of glutinous sweet dumpling products were 12.9% lower at RMB316.3 million; sales of the savoury dumpling products decreased 7.4% to RMB354.3 million; while sales of other products were 2.5% lower at RMB270.2 million. The three product segments respectively accounted for 33.6%, 37.7% and 28.7% of Group revenue in 1H2012.
Overall gross profit margin improved to 26.1% in 1H2012 from 25.9% in 1H2011, mainly due to lower raw material prices such as pork, and a more favourable product mix for the period under review.
As at June 30, 2012, the group’s balance sheet remains healthy, with cash and bank balances of RMB577.6 million and no borrowings.
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