BRIEF: Yan Palace’s profit rises despite revenue decline
Edible bird’s nest brand Xiamen Yan Palace Bird’s Nest Industry Co. Ltd. (1497.HK) said on Tuesday that its revenue last year dipped 2.4% to 2.05 billion yuan ($298 million), while its profit climbed 19.3% to 191 million yuan.
The divergence in revenue and profit trends was primarily driven by other income streams outside its core bird’s nest business. These included a year-on-year increase in government subsidies of nearly 11 million yuan, a 10 million yuan legal settlement, and stronger fair value changes in financial assets.
Looking ahead, the company said it plans to keep expanding into new retail channels. It will also further integrate its online and offline advantages, and leverage major internet platforms to build new growth engines in retail.
Shares of Yan Palace opened flat at HK$5.82 on Wednesday. The stock is down 34% from its 52-week high.
By Lau Chi Hang
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