Seed major posts 31.53% surge in FY net profit

Yuan Longping High-tech Agriculture Co Ltd, China's leading seed company, reported a 51.85 percent increase in revenue and a 31.53 percent net profit surge last year, according to its annual report to the Shanghai Stock Exchange yesterday.

Although the increase in revenue came mainly from higher seed sales, a good chunk of its net profit was from its property business, analysts said.

The company's revenue last year was 1.08 billion yuan. It made a net profit of 64.88 million yuan. But the company gained 118 million yuan from selling its shares twice in a property project last year. That meant it actually made little profit from its main business, analysts said.