HSIDC reports 24% rise in full year net income

Henan Shuanghui Investment & Development Co (HSIDC), the listed arm of China's biggest meat processor Shuanghui Group, yesterday posted a 24 percent increase in 2008 net profit, thanks to robust meat sales and improved inventory control and production management.

Net income rose to 699 million yuan, or 1.15 yuan per share, while sales climbed 19 percent from a year ago to 26 billion yuan, the company said in its earnings report.

The shift from soaring live pig prices, which hit a record high in the first half of last year, to the slack demand for meat products in the second half caused by the economic slump "exerted great pressure on the business", the company said.