China Agri-Industries (00606) said it recorded a loss attributable to owners of about HK$1,298 million for the nine months ended 30 September 2014.
The increased loss in the January-September period, as compared to the first half of the year and the seven months ended 31 July 2014, is mainly attributable to the oilseeds processing segment while the operation of other business segments remained stable.
The principal reasons for the increased loss in the oilseeds processing segment include the high cost of soybean stockpiles acquired by the Group in the first half of the year are continuing to be processed and sold in the second half of the year, which resulted in a loss for the current period. In view of the significant decrease and momentum of fall in oilseed products' prices experienced both in the domestic and international markets in the third quarter of the year, the Group managed to lower its hedging ratio with an anticipation in reversal in prices which did not materialise during such period.
24/10/2014 17:32
China Agri (00606) sees 9-month loss at HK$1.3bn
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