China's food industry posts strong profit growth

0 Comment(s)Print E-mail Xinhua, September 13, 2020
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Aerial photo taken on July 14, 2020 shows Tianwei Food Co., Ltd. and a green bean planting base nearby in Kedong County, northeast China's Heilongjiang Province. [Photo/Xinhua]

China's major food processing companies recorded combined profits of 320.39 billion yuan (about 46.84 billion U.S. dollars) in the first seven months of 2020, up 7.5% year-on-year, according to official data.

Profit growth at these enterprises, whose annual revenues exceed 20 million yuan from their main operations, was in contrast to an 8.1% profit decline for the country's major industrial enterprises, according to data from the Ministry of Industry and Information Technology (MIIT).

A breakdown of the data showed agricultural and food product processors saw their combined profits surge 20.1% from one year earlier, while combined profits of liquor, beverage and tea manufacturers fell 1%.

Sales of grain, oil and other food products from the major food companies rose 12% year-on-year during the period, while beverage sales climbed 10.5% from one year earlier, according to the MIIT.

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