WH Group: 1H23 Revenue Plummets Before Biological Fair Value Adjustments
Significant Declines Across Key Metrics
WH Group (00288HK) has released its interim results for the period ended June, revealing a bleak financial performance. Before biological fair value adjustments, revenue nosedived by 63% year-over-year, while operating profit plummeted by a staggering 431% to US$365 million. This dismal performance extended to profit attributable to owners of the company before biological fair value adjustments, which plunged by 34.8% to US$395 million.
Positive Growth in Some Segments
Amidst the overall downturn, WH Group reported some positive indicators in specific segments. Packaged meats and pork sales outperformed, resulting in a 25.2% increase in operating profit to US$1,645 billion. Revenue in this segment also saw an increase of 17.0% to US$20,407 billion.
Yearly Results and 1Q24 Performance
For the year ended 31 December 2021, WH Group recorded a net profit of US$2,093 million before biological fair value adjustments. The company's unaudited results for the first quarter of 2024, ended in March, showed a revenue of US$6,181 billion, marking a decrease compared to the previous year.
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