BEIJING, April 24 (Xinhua) -- Wens Foodstuff Group Co., one of China's largest pork producers, said Wednesday that its net profits swung to a big loss during the first quarter this year.
The company reported a net loss of 460 million yuan (68.66 million U.S. dollars), compared with a profit of 1.4 billion yuan the same period last year, according to a statement filed to the Shenzhen Stock Exchange.
Revenues rose 6.22 percent year on year to 13.97 billion yuan.
The pork producer attributed its loss to lower hog and chicken prices.
Affected by African swine fever, the hog market remained sluggish during the first two months of the year. Although hog prices picked up in March, they could not fully make up for the loss.
Average hog prices retreated 4.69 percent year on year during the first quarter.
The African swine fever virus, endemic to Africa, is fatal to pigs and has no cure. The current wave of cases reached China in August last year, and the situation has been under control.
The statement also said that prices of chicken fell nearly 15 percent from a year earlier, dragging down revenues.
The company closed 2.99 percent higher at 42.08 yuan Wednesday.
