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Smithfield profit plunges on drop in exports
June 14, 2013 / 12:51 PM / 4 years ago

Smithfield profit plunges on drop in exports

June 14 (Reuters) - Hog producer Smithfield Foods Inc , the subject of a $4.7 billion bid from China’s Shuanghui International Holdings, reported a 63 percent fall in net profit as exports to China and Russia fell due to certification issues.

Smithfield, whose products include Smithfield bacon and Eckrich sausages, said its net income fell to $29.7 million, or 21 cents per share, in the fourth quarter ended April 28, from $79.5 million, or 49 cents per share, a year earlier.

Revenue rose 3 percent to $3.32 billion.

Smithfield did not provide an update on the takeover, which analysts and politicians have said could face land ownership issues in several states as well as scrutiny from a federal government panel that assesses national security risks.

The panel is not expected to block the sale.

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