AgFeed reports continuous growth
AgFeed Industries, Inc. which sells fodder and blended feed for domestic animal husbandry markets in China, reported a 185% increase in net income for the 3rd quarter ending 30 September, 2007.
For the three month period ended Sept. 30, net income increased to
approximately $2.08 million (+185%). Revenues increased 488% to approximately
$11.9 million for the quarter.
AgFeed’s and gross profit increased to
approximately $3.24 million or 323% as compared to the same period in
2006.
Pig farming
AgFeed said it is exploring opportunities in
the commercial pig farming business in addition to its focus and market
expansion in its core premix animal feed business.
The company further
noted the new business could complement its current business as China raises
over 500 million pigs annually and prices are at historical highs largely due to
rising consumer income.
Management said it intends to enter this new
business model through mergers and acquisitions as well as building new pig
farms.
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