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Agricultural sector suffers losses

By WEI TIAN | | Updated: 2013-04-01 15:53

Listed agricultural companies have reported declining profits and a rise in receivables.

By Sunday, a total of 26 listed agricultural companies had released their annual reports for 2012. Among them, 21 companies reported expanded revenues.

Two posted losses, while more than half, or 14, reported a decline in profits compared with 2011.

Cofco Tunhe Co reported the largest losses of 730 million yuan ($117.6 million) in 2012. The company's annual report blamed its poor performance in the sluggish tomato market and suppliers affected by natural disasters.

The combined profits of the 26 companies was 1.72 billion, but the account receivables disclosed by 11 companies' reports totaled 1.62 billion yuan, among which seven companies reported rising bad debts.

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