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Pork producer WH Group calls for end of trade war, as 2018 profit drops 4 per cent

China’s WH Group, the world’s largest pork producer, called for an end to the US-China trade war on Friday, citing higher tariffs on US exports to China as one factor weighing negatively on its underlying business.The outbreak of the African swine fever and rising meat production in the US were also negative headwinds, the company said.Net profit for 2018 fell 4 per cent to US$1.05 billion, WH Group said in filing on Friday.Revenue was up 1 per cent to US$22.61 billion, slightly beating… Source link

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China’s top ‘butcher’ WH Group posts worse-than-expected profit as trade war hurts US business

WH Group, the largest pork producer in China and the world, reported worse-than-expected results for the first half of the year, with its US operations coming under pressure as trade tensions between the world’s two largest economies began to escalate. The company reported a 7.7 per cent drop in net profit to US$514 million from US$557 million in the year-earlier period as its US and European operations were hurt by lower margins. Revenue reached US$11.17 billion, up 4.8 per cent from US$10.66 billion after biological fair value adjustments, which is…

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