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Changshouhua Food Co Ltd Comments On H1 2013 Earnings Guidance

Wednesday, 10 Jul 2013 05:13am EDT 

Changshouhua Food Co Ltd announced that, based on the preliminary review of the management accounts of the Group for the first half of 2013, the Group expects to record an increase of approximately 35% to 40% in unaudited consolidated net profit for the first half of 2013 as compared to the first half of 2012. Such expected increase is mainly the combined result of the increase of approximately 25% to 30% in the sales volume of the Group’s branded oil products, the gross profit margin of which has been maintained stable, despite the decreases in the sales volume and the gross profit margin of the non-branded corn oil products due to the impact of the falling edible oil prices in the first half of 2013,; the reimbursement by insurance for the loss caused by the fire accident occurred in November 2012 during the period; and the Group’s enjoying a preferential tax rate of 15% for three years commencing from the fiscal 2013 for the reason that Sanxing Corn Industry Technology Company Limited), an indirectly wholly owned subsidiary of the Company, was qualified as a new and high-tech enterprise at the end of 2012. 

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