Leading hog breeder Muyuan Foods Group Co. Ltd. (2714.HK; 002714.SZ) on Wednesday said it sold 6.66 million finished hogs in July, up 4.8% year-over-year increase. But its revenue tumbled 23.6% to 8.9 billion yuan ($1.32 billion) over the period.
The revenue decline owed mostly to falling hog prices, the company said, as the average selling price for finished hogs in July dropped 25.6% year-over-year to 10.64 yuan per kilogram.
Finished hog prices have been volatile this year. Early in the year, the average price per kilogram peaked at 12.57 yuan, but then slumped to slightly over 9 yuan between March and June, before climbing back above 10 yuan last month.
Shares of Muyuan opened up 0.06% at HK$31.42 on Thursday. The company’s Hong Kong stock is down 20% since its market debut earlier this year.
By Lau Chi Hang
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