Leading pork producer Muyuan Foods Co. Ltd. (2714.HK; 002714.SZ) said on Wednesday it sold 6.75 million hogs last month, down 2.65% year-on-year. Its average selling price for the month stood at 9.91 yuan ($1.44) per kilogram, down 30.7% from the same period last year.
Hog sales generated about 8.61 billion yuan ($1.26 billion) for the month, down 32.7% year-on-year, as the company blamed the drop on market volatility.
According to earlier Muyuan disclosures, the average hog selling price fell from 12.57 yuan per kilogram in January, to 11.59 yuan in February, before falling below the 10-yuan threshold in March. The company’s reproductive sow inventory amounted to 3.13 million heads at the end of March.
Muyuan shares opened flat at HK$40.40 on Thursday. The stock is up 2.6% since its listing in February this year.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
