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BEIJING, Feb 26 (Reuters) – China’s No. 2 pig farmer Muyuan Meals Co Ltd 002714.SZ mentioned on Wednesday that full-year income for 2019 surged greater than 1,000% to six.1 billion yuan ($869.84 million) because of document hog costs final yr brought on by a plunge in provides.
The corporate, which bought greater than 10 million pigs final yr, benefited from a 140% enhance in hog costs through the yr, after an epidemic of lethal African swine fever killed hundreds of thousands of pigs and left many breeding farms empty.
China mentioned the hog herd had shrunk by 41% by the third quarter of 2019, though some consider the harm was a lot worse.
The large revenue far surpassed all earlier annual earnings for the corporate. Most of it – 4.88 billion yuan – got here within the last quarter of the yr, when hog margins had been as excessive as 3,500 yuan per hog in some elements of China.
Although they’ve dropped barely, margins stay effectively over 2,000 yuan throughout the…