Chinese duck breeder and processor Anhui Taiyang Poultry Co. Inc. reported a net income of $1.7 million for the nine months ending September 30, 2011, down 60.5% from 2010's $4.4 million, according to the company's latest financial report.
Part of the drop in income, according to Anhui, can be attributed to one-time gains in the sale of a fertilizer plant and the collection of a previously written-off account receivable in 2010. In addition, bad debt charges and increased income tax expenses affected 2011's net income.
Anhui's breeding unit saw a 57.3% increase in revenue in the first nine months of 2011 over 2010 numbers, bringing in $12.2 million compared to $7.7 million. The feed and food units saw 54% and 50.6% drops in revenue, respectively, coming in at $4.3 million and $6.8 million compared to 2010's $9.4 million and $13.7 million.