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C.P. Pokphand Co. Ltd, the leading animal and aquafeed producer in China, reported group profit for the year ended December 31, 2010 of US$132.8 million. This compares with US$8.6 million in 2001 - a year-on-year increase 1,450%.
Total turnover reached US$1,950 million, 94.3% of which was attributable to the feed business while the Chlortetracycline (“CTC”) business accounted for 5.7%. Overall gross profit margin increased to 15.9%. The Board recommended a final dividend of HK$1.6 cents per share for the year (2009: HK$0.5 cent).
Since completing the acquisition of a feed business in China from the parent company in late February 2010, the Group has strengthened its competitive edge in the feed business and has achieved significant improvement to its operational results.
Feed revenue for the ten months to December 31, 2010 rose to approximately US$1,840 million on sales of 3.76 million tons of animal feed products. By product categories, complete and concentrate feed accounted for 91.7% of total turnover of all feed products while swine, poultry, aqua and other animal species contributed 38.7%,38.2%,10.9% and 3.9% respectively, while premix feed accounted for 5.6%. The Group also reached a feed mill leasing agreement with the parent company in October to further enhance production capacity.
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