Yurun Food Group Reports HK$611m Loss

25 March 2013, at 8:37am

CHINA - China Yurun Food Group has announced a loss of HK$611,107 for the financial year ending in December compared to a profit of HK$1.8 billion in the previous year.

The loss for the year follows a profits warning by the company earlier in March.

Following the announcement of the loss, which is just under US$80 million, the executive director Zhu Yiliang has resigned.

He has been replaced by Li Shibao, the company's chief executive.

Over the last year the company's turnover fell from HK$32.3 billion in 2011 to HK$26.8 billion.

In 2012, Yurun Food Group has been hit by escalating administrative and operating expenses as well as increased finance costs.