China Resources net profit dips 52% in Jan-Sept

Nov. 19, 2008 (China Knowledge) - Hong Kong-listed investment holding company China Resources Enterprise Ltd<291> announced that its net profit for the first nine months of this year dropped to HK$2.16 billion, down 52% from HK$4.50 billion recorded in the same period of last year.

From January to September of this year, sales revenue of the company amounted to RMB 50.1 billion, up 29.3% compared with the same period of last year.

In the third quarter alone, the company realized net profit of HK$671 million, down 12.3% compared with HK$765 million in the same period of last year. Its sales revenue in this period rose 29% to RMB 18.34 billion from RMB 14.23 billion in the same period of last year.

The company attributed the net profit decrease mainly to the declining profit in its retailing and food processing business.

Shares of the company dropped slightly by 1.72% to close at HK$12.6 on Wednesday.