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Food processor sees income and profits grow in H1

Updated: 2013-08-07 19:03

Henan Shuanghui Investment and Development Co Ltd, a subsidiary of the Shuanghui Group, a leading meat-processing company in China, recorded 20.3 billion yuan ($3.3 billion) in operational income in the first half of this year, up 10.82 percent year-on-year, according to a statement it released on Tuesday, China Business News reported.

Net profits attributed to stakeholders amounted to 1.69 billion yuan, an increase of 64.95 percent from the same period last year.

However, production and sales in the first half of the year failed to meet targets.

Shuanghui Investment and Development plans to focus on two main sectors, frozen food and meat products, including introducing new items.

In 2013, the number of pigs to be slaughtered will be cut from 17.5 million to 15 million. Meat sales and production will be reduced from 1.9 million tons to 1.78 million tons. The overall sales of meat and meat products are set at 3.25 million tons.

On May 29, Shuanghui Group announced the purchase of Smithfield Foods, the largest pig producers in the US, for $7.1 billion, the largest purchase of an American company initiated by a Chinese counterpart.