Yuhe International Inc., a Chinese supplier of day-old chickens raised for meat production, or broilers, announced that net revenue rose while gross profit declined during the first quarter this year.
Net revenue increased 7.7% to $11.8 million compared to $10.9 million for the same period last year. Results were driven mainly by a 10.8% rise in sales of day-old broilers, offset by a 2.7% decrease in the selling price of this product. Gross profit, meanwhile, went down 4% to $3.9 million from $4.1 million due to price increases for corn. Operating income dipped 7.9% to $3 million compared to $3.2 million, and net income increased 0.4% to $2.93 million compared to $2.91 million a year ago.