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China Foods Ltd Issues FY 2012 Net Income Guidance Below Analysts' Estimates

Wednesday, 6 Feb 2013 09:52am EST 

China Foods LtdChina Foods Ltd announced that, based on a preliminary review of the draft unaudited consolidated management accounts of the Company for fiscal 2012, it is expected that the Company will record a relatively large decrease in its unaudited consolidated net profit for fiscal 2012 as compared to the audited consolidated net profit for fiscal 2011. Based on an analysis of the information available, the Board believes that the expected relatively large decrease in unaudited consolidated net profits of the Company for fiscal 2012 is primarily attributable to (1) the results of the Company's kitchen food business, which has recorded a loss in excess of HKD100 million for fiscal 2012 and (2) a decrease in the profit of the Company's wine business, even though the Company's beverage business reported a continuous growth in operating result and the Company's confectionery business reported a relatively large reduction in operating loss. The Company reported net income of HKD645.61 million in fiscal 2011. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of HKD898.08 million for fiscal 2012. 

Company Quote

-0.04 -1.56%
19 Dec 2014