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China Star Food Returns to Black in Fiscal H2 Amid Recovery of Economic Activities; Shares Climb 8%

MT Newswires ·  05/31/2022 12:42

12:41 AM EDT, 05/31/2022 (MT Newswires) -- China Star Food (SGX:42W) booked a profit attributable to the owners of 2.9 million yuan ($435,102) in the fiscal second half ended March 31, against an attributable loss of 2 million yuan in the year-ago period.

The potato farming company said it returned to profit mainly due to the recovery of economic activities from the prolonged impact of the COVID-19 pandemic since February 2020.

Meanwhile, revenue for the period inched up to 158.1 million yuan from 157 million yuan, according to a late Monday filing.

The company added that the rate of increase in revenue decreased towards the end of the reporting period due to the negative impact of a resurgence in COVID-19 cases in China.

China Star Food's shares were up 8% in recent trade.

Price (SGD): S$0.03, Change: S$0.00, Percent Change: +8.33%

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