SHANGHAI, Feb 24 (Reuters) - China’s largest meat processor Henan Shuanghui Investment & Development Co Ltd said its 2013 net profit rose 33.7 percent, boding well for an initial public offering by its parent WH Group Ltd which is expected to be the biggest Hong Kong listing since 2010.
Annual net profit rose to 3.86 billion yuan ($633.68 million) due to lower input costs which boosted margins, the company said in a statement to the Shenzhen stock exchange on Monday.
China is the world’s biggest pork consumer and estimated per capita spending on meat, poultry and processed products more than doubled to 1,184 yuan ($190) in 2012 to six years previously as the number of affluent Chinese also increased.
Parent WH Group, formerly known as Shuanghui International Holdings Ltd, last year acquired U.S. pork producer Smithfield Foods Inc, which had sales of $13.2 billion in the fiscal year ended April 2013. ($1 = 6.0914 Chinese yuan) (Reporting by Adam Jourdan; Editing by Kazunori Takada and Miral Fahmy)