The group's slaughtering volume and the sales of processed meat products fell by approximately four per cent and 18 per cent, respectively, in the quarter compared to the same period last year.

In a statement to the Hong Kong Stock Exchange, the board said it believes that the drop was caused by the continual publication of negative media reports in the past few months, which have an impact on market confidence, and the substantial increase in raw material costs (in particular hog prices) as well as the increasing difficulty in passing on the group's increased operation costs to its customers.

The Board said it expects that the business environment for the Group will continue to be difficult in the fourth quarter and the Group's profitability will remain challenging.