News blog
China Food Company
- BY: Andrew Hore |
- POSTED: 28/03/2010 |
China Food Company reported a fall in profits in 2009 but trading conditions have improved.
The soya sauce manufacturer’s revenue fell from £38.2m to £30.1m, while pre-tax profit slumped from £7.51m to £2.82m. CFC owns an animal feed business as well as the core soya sauce operation. Both reported lower revenue and profits.
CFC completed the new soya sauce facility in Shou Guang City even though tough trading hit cash generation. CFC raised £3m through a convertible loan note issue in order to complete the construction and fitting out of the facility. The new facility will add 50,000 tonnes per annum to capacity – an increase of around 50%. Trial production commences in April and the first sales should be in July.
Excluding the £3m of convertible loan notes, net debt was £3.05m at the end of 2009.
A 34p a share, CFC is valued at £22.6m.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|