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China Green Profit Jumps 27% on Higher Sales of Corn

Aug. 30 (Bloomberg) -- China Green Holdings Ltd. reported a 27 percent increase in annual profit, three days after a delay to the announcement prompted a record plunge in the fruit and vegetable producer’s shares.

Net income rose to 576 million yuan ($85 million) for the year ended April 30, from 454.9 million yuan a year earlier, the company said in a Hong Kong stock exchange statement today. Sales climbed to 1.9 billion yuan from 1.5 billion yuan.

China Green slumped as much as 45 percent on Aug. 27 after saying it postponed reporting results because its auditor needed more time. The stock ended 37 percent down at HK$5.54. The company didn’t explain the reasons for the delay in the statement today.

Profit was driven by higher sales of products including sweet corn, corn milk, fruit juices and mushrooms, it said. China Green’s headquarters are in Xiamen in eastern China and it employs 8,000 workers, about half of whom work on its farms, according to a statement on its website.

Of the 14 analysts surveyed by Bloomberg, 11 rated China Green shares a “Buy.” One rates the stock a “Sell.”

To contact the reporter on this story: Stanley James at sjames8@bloomberg.net

To contact the editor responsible for this story: Tan Hwee Ann at hatan@bloomberg.net

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