People's Food

People's Food: People’s Food 2Q13 net profit turnaround to Rmb71.9m from a loss of Rmb16.6m the previous period as a result of the absence of share of losses of associates and loss on disposal of associates amounting to Rmb70.6m in 2Q12. The surge in revenue to Rmb4,438m (+23.2% y/y) was mainly due to the increased demand on pork products which translated to higher earnings as operating margins improved to 2.4% from 1.9%. Despite the good set of results, the company did not declare a dividend for 1H13 compared to the interim dividend of Rmb0.01 in 1H12. The group has a net cash pile of Rmb1,671m. Nav/share increased slightly to Rmb4.86 (+1.5%);