Sino Grandness posts 18.3% drop in 1Q earnings to $9.1 mil

SINGAPORE (May 15): Sino Grandness Food Industry Group saw its earnings fall 18.3% to RMB 43.1 million ($9.1 million) for the 1Q ended March, from RMB 52.8 million a year ago.

This was mainly due to higher distribution and selling expenses as well as lower gross profit margin during the quarter.