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00606 SCE CM
RTNominal up0.209 +0.001 (+0.481%)
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09/01/2018 08:20

China Agri (00606) sees substantial rise in annual profit

[ET Net News Agency, 9 January 2018] China Agri-Industries (00606) said it expects the
profit attributable to owners for the year ended 31 December 2017 to be about HK$3
billion, representing a significant increase as compared to the profit attributable to
owners of HK$1.4 billion for 2016.
China Agri-Industries aligned itself with the industry's development trend of upgrading,
and established the strategic positioning of "Focusing on rice, flour and edible oil
products, with the aim of repositioning itself as the leading integrated player for the
grain and edible oil processing and branded consumer business". As part of this strategy
and during the year 2017, the Group completed acquisition of the business of consumer-pack
edible oil to streamline the value chain; and completed disposals and discontinued the
biochemical and biofuel business. The unaudited one-off gain on disposal is expected to be
approximately HK$0.9 billion.
In 2017, the Chinese economy continued to have good momentum, achieving growth while
maintaining stability. China Agri-Industries strengthened its professional operation,
actively tapped into potential markets to realise higher utilisation of production
capacity. The sales volume of major products increased from a high base level and the edge
in economy of scale was further boosted. On this basis, China Agri-Industries actively
promoted research and development on innovative products and implemented refined
management to seize the market opportunities arising from the upgrade of consumer demand,
boosting the products' profitability. The operating profits of all segments as well as the
overall performance increased significantly during the year 2017.
Its annual results announcement will be published before the end of March. (HL)

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