Gelonghui, April 22丨Wanzhou International (00288.HK) announced that in the three months ended March 31, 2024, the company's revenue fell 8.3% to US$6.181 billion, and operating profit rose 37.3% to US$501 million. Profit attributable to the company's owners (before bio-fair value adjustment) rose 73.0% to US$301 million. Sales of meat products and pork fell by 4.1% and 7.8% respectively during this period.
During this period, the average pig price in China was RMB 14.90 per kilogram, down 5.1% from the three months ended March 31, 2023, due to the continued high level of pig supply. In the US, the average hog price fell slightly by 0.8% to $1.26 per kilogram during the period due to sufficient supply. However, due to price pressure due to excess inventory during the comparison period, the average pork value increased 8.7% to $1.97 during the period. In Europe, due to the stable supply of pigs, the average white bar price in EU member states fell by 3.2% to 2.12 euros per kilogram (equivalent to about 2.30 US dollars) during this period, that is, the average pig price is about 1.60 euros or 1.74 US dollars per kilogram.