China Agri-Industries sees 2010 profit down 13 pct

HONG KONG Fri Jan 21, 2011 4:55am EST

HONG KONG Jan 21 (Reuters) - China Agri-Industries Holdings Ltd (0606.HK) said on Friday it expected its profit attributable to owners of the company to fall by about 13 percent in 2010 due to a decline in profits derived from its oilseeds and rice businesses.

In a filing with the Hong Kong bourse, the company said it incurred a loss for its futures contracts in its oilseeds business due to "extreme price fluctuations" of agricultural commodities in the second half of 2010.

It said considerable investments in marketing its packaged products, a surge in raw material prices, and a thinner profit margin have led to a decrease in profitability of the rice business during the period. (Reporting by Donny Kwok; Editing by Jacqueline Wong)

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