Subsidiary losses seriously affect the performance of the Great Northern Wilderness 2009 – Great Northern Wilderness, Center Daily News – Paper Industry
Great Northern Wilderness Center Daily News published in 2009, 1-June 0.172 yuan per share, operating income grew 16.68%, net profit rose 2.33%. Company net profit increase of much less than revenue growth, mainly because of Financial Crisis on the real economy impact of a lower level of consumption capacity, and further restricted the growth of economic benefit the company, a subsidiary company of some industrial serious losses.
Great Northern Wilderness released mid-year report 2009, 1-June earnings per share 0.172 yuan, 2.872 yuan per share, net assets and net assets yield 5.93%, operating income of 3.617 billion yuan, up 16.68%, net profit of 29,204.89 million, yuan, up by 2.33%.
Company is China's current largest, the highest level of modernization of agriculture-related listed companies and commodity grain production base, is the national agricultural industrialization leading enterprises, with 624,000 hectares of cultivated land and 24 million hectares of reclamation, the land contract fees, rice processing business, malt and Paper Other four are now a major business. The first half of 2009 the company main business growth was mainly due to rice co contribution to revenue growth, but the company net profit increase of much less than revenue growth, mainly because of the financial crisis on China's real economy and reduce the consumption level of competence further restrict the company's growth efficiency of industrial enterprises, some of the company's subsidiary engaged in a serious loss industry.
Semiannual reports show, the company land contract revenue continued to grow steadily in the first half income of 630 million, up 8.6%, accounting for 70% of net profit. Great Northern Wilderness area of about 56% of paddy field, agricultural support in recent national increase efforts to protect the price of rice increased, while the end product primary processing of agricultural products of rice price increases limited degree, the primary processing of rice, no significant gross margin, but the beginning of the implementation of the minimum purchasing price of rice protection policies led to rice farmers increase income and thus help companies to improve land contract Lease Costs. Steady growth trend is expected in the next few years will continue, the risk minimal.
Land rental income is now the largest source of profit for the company, from 2002 the annual rent to income of 900 million yuan to 1.2 billion in 2007, the annual average compound growth rate of around 5.7%. Company paddy field rental units flat year over year in 2008, growth came mainly from corn, soybeans and other dry land rent compensatory growth. In addition, in 2008 the company has more than 10 acres of land to put in "Upland" project, this part of the land rent increases in the range of 10-20 units per / acre, drive up about 1% of the overall rent. 2009 company revenue growth rate of land lease or subject to the negative impact of economic downturn, rental growth is expected in 2009 will be lower than 2008 levels, mainly because of one hand, in 2008 the single family rate of increase in the cost of rice cultivation than Rice Sell Price rises, real incomes of grain farmers than expected under such circumstances a further increase in 2009 certainly difficult to accept the rent tenants. Second, the national agricultural policy support, the Southern rice fields planted more than quarter of a recovery would be to compare the effects of a substantial increase in rent does not support the company.
Performance of the company because the first half of the decline in industrial production of several subsidiaries engaged in a serious loss. Methanol which is a major loss of points and malt. In 2008 had losses of subsidiaries 7,351 Long Ken malt million (4,000 million was not considered controversial debt forgiveness), the first half of 2009 to losses of 2,578 million malt business, mainly because the company's sales of malt products declined sharply over the previous year, stock backlog caused. Agriculture Chemical industry Industry is seeking to diversify the company in recent years the development of a major movement, but the actual operation from the current situation, only the rice industry began to grow into the profit cycle, the Great Northern Wilderness rice co from January to June total production of rice and related materials 25.06 million tons, 30.09 percent lower than a year earlier, total sales of 249,400 tons, 28.66% lower than same period last year, first half operating income of 2.04 billion yuan, net profit of 3,056 million, respectively, up 40.6% over the same period the previous year, 117.8 %. And methanol, malt, and paper management subsidiary of room for improvement. Estimated in 2009 a turning point in the second half of the company's profit is the actual sale of malt business progress.
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