CCM: Three Chinese sucrose manufacturers make 2014 performance preannouncements 09-02-2016

At the end of January 2015, 3 Chinese sucrose manufacturers including Nanning Sugar Manufacturing Co., Ltd. (Nanning Sugar),Guangxi Guitang (Group) Co., Ltd. (Guangxi Guitang) and COFCO Tunhe Co., Ltd. (COFCO Tunhe) made the 2014 performance preannouncements in succession. The depressed sucrose sector in home market has largely drawn back their performance.


1.       Nanning Sugar: net loss to reach USD46.11 million-USD50.02 million (RMB283.00 million-RMB307.00 million). Regarding sucrose business, the price decrease was larger than cost reduction, causing losses. A complete turnaround in paper making business was not seen in 2014.


2.       COFCO Tunhe: net profit to decline to USD2.44 million-USD7.33 million (RMB15.00 million-RMB45.00 million). In 2013, the net profit was USD13.09 million (RMB80.32 million). Even though the price of self-produced sucrose decreased, profit from imported refined sucrose increased continuously. So, the enterprise continued to make profits from sucrose manufacturing business.



3.       Guangxi Guitang: net profit to reach USD3.26 million-USD4.89 million (RMB20.00 million-RMB30.00 million). The enterprise turned from loss to profit, mainly because the fine performance in paper making business covered the loss in sucrose manufacturing. In 2014, the sales volume of tissue paper increased by 16.2% year on year. Also, sales volume and price of mechanical pulping rose by 25.1% and 10.4% respectively. Meanwhile, the non-operating income amounted to about USD8.15 million (RMB50.00 million) in this year.


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