UPDATE 1-AgFeed Q1 profit dips; shares down

Tue May 11, 2010 10:37am EDT

* Q1 EPS $0.02 vs $0.08

* Rev up 58 pct to $52.9 mln

* Shares down 5 pct

May 11 (Reuters) - Animal feed and pork company AgFeed Industries Inc (FEED.O) posted a 65 percent drop in quarterly earnings, weighed down by lower hog price.

During the first quarter, average hog price was 11 percent less than a year ago.

"I expect hog prices will begin to appreciate over the next 90 days and will lead to hog prices being 12 percent to 15 percent higher in the second half of the year," Chairman Songyan Li said in a statement.

For the first quarter, the company posted a net income of $1.1 million, or 2 cents a share, compared with $2.9 million, or 8 cents a share a year ago.

Revenue increased 58 percent to $52.9 million.

Shares of the company were down 5 percent at $3.74 Tuesday morning on Nasdaq. (Reporting by Vinay Sarawagi in Bangalore; Editing by Don Sebastian)

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