August 21, 2014
Dongling reports huge loss of profit in H1 2014
Dongling Grain & Oil Co. Ltd. (Dongling) reported profit loss of RMB341 million (US$55.43 million) for the first half of 2014, plunging by 1,225% compared to a net profit of RMB30.28 million (US$4.92 million) in the same period of last year.
The company generated operating income of RMB6.058 billion (US$984.69 million) during the reported period, up by 24% on-year.
During the first six months, Dongling processed 820,000 tonnes of soy and sold 33,700 tonnes of crude soybean oil, 116,700 tonnes of first-grade soybean oil, 632,000 tonnes of soymeal as well as 2,300 tonnes of phospholipids.
The company blames the increased cost for soy procurement and fallen prices of processed soy products for the profit loss.