Chinese poultry company Fujian Sunner Development for the first quarter of fiscal year 2024 a net income that was approximately one quarter of what it was during the first half of the previous year.
For the half year, which ended June 30, net income was CNY102.05 million (US$14.35 million), compared to the CNY426.39 reported one year ago.
Sales were up slightly for the most recent period at CNY8.19 billion, compared to CNY8.16 billion in the first half of 2023.
However, the company’s revenue declined from CNY9.08 billion in the first six months of 2023 to CNY8.84 billion during the most recent period.
Fujian Sunner Development is the third largest broiler producer in China and the fifth largest in Asia, according to information from the WATTPoultry.com Top Poultry Companies Database. In 2023, the company slaughtered 520 million broilers.
The company sells frozen chicken to the fast food, food processing and wholesale markets. Yum China, parent company of China’s KFC restaurants, owns a 5% stake in Fujian Sunner Development.
