March 16, 2009 / 2:12 PM / 11 years ago

UPDATE 1-AgFeed 2008 profit beats Street view, shares soar

* 2008 adj EPS $0.73 beats est. of $0.62

* Revenue $143.7 mln vs est. of $139 mln

* Shares up 66 pct

March 16 (Reuters) - Animal feed and pork company AgFeed Industries Inc FEED.O posted a 2008 profit that handily beat market eatimates, helped by a rise in revenue from new farms, lifting its shares as much as 66 percent.

For the year ended Dec. 31 , the Chinese company’s net income rose to $17.0, or 53 cents a share, from $6.7 million, or 25 cents a share, in the previous year.

Excluding items, the company earned 73 cents a share, while analysts were expecting 62 cents a share, according to Reuters Estimates.

Revenue rose about $107 million to $143.7 million

Shares of the company were up 59 cents at $1.67 in early morning trade Monday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Amitha Rajan)

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