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SINGAPORE : Food processing firm China Minzhong said on Wednesday that it made a slightly lower profit in its fiscal fourth quarter.
For the three months ended in June, the firm posted a profit of 72.9 million yuan or about S$14.6 million, a dip of 2.1 percent on-year.
Releasing its first set of full year results after its Singapore listing, China Minzhong said it saw a 27.6 percent on-year increase in net profit to RMB 367.5 million yuan.
It managed to continue its steady growth trend with a 34.5 percent increase in revenue to 1.42 billion yuan for the full year.
It attributed the improvement in turnover to higher sales in both the processed products and fresh vegetables produce segments.
Going forward, China Minzhong said the global consumption demand for both fresh vegetables and processed vegetables remains robust.
It added that demand would be fuelled by population growth, increased urbanisation, rising affluence as well as preferences for healthy dietary eating habits.
China Minzhong also said it would continue to benefit from the growing domestic consumption in China.
It added that its emergence as an increasingly important vegetables supplier to the world would also boost its earnings.
The company plans to nearly triple its plantation area in China in three years and is looking to set up new plantations and processing units in South America. - CNA/ch
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