Largely in line with the decrease in the group’s sales, gross profit also decreased 19.3% to RMB471.5 million in 1H19.
SINGAPORE (Sept 15): Sino Grandness Food Industry Group reported 1H19 ended June earnings of RMB78.4 million ($15.2 million), down some 58% from a year ago.
A casualty of trade war between the United States and China, 1H19 revenue decreased by 35.6% to RMB1.44 billion. This was due to the decrease of RMB46 million from sales of beverages, as well as the decrease of RMB71.1 million and RMB91.8 million from sales of canned products in the domestic and overseas markets respectively, as China’s economy saw a slowdown.
