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萬洲國際(00288.HK)前三季生物公允價值調整前純利升8.5%至8.2億美元
格隆匯 10-28 17:02

格隆匯10月28日丨萬洲國際(00288.HK)公佈,截至2019年9月30日止9個月,公司實現收入171.93億美元,同比增長3.67%;經營利潤(生物公允價值調整前)12.95億美元,同比增長7.20%;公司擁有人應占利潤(生物公允價值調整前)8.20億美元,同比增長8.47%;每股基本盈利(生物公允價值調整前)5.58美仙。

於期間,肉製品的銷量增長為0.3%,原因是中國及美國的銷量保持穩定。收入增長為0.6%,主要是由於中國調高產品的銷售價格。經營利潤稍為下降1.3%是因為中國受到原材料價格飆升的負面影響。雖然如此,美國及歐洲的經營利潤卻因為產品組合改善和運營效率改進而分別明顯提升8.1%及17.9%。

於期間生豬屠宰總量與比較期間相若,此乃由於歐洲因產能擴充帶來的增長被中國因生豬供應在非洲豬瘟蔓延下緊缺所導致的下降所抵消。因應公司調整運營策略,生鮮豬肉的對外銷量較比較期間降低3.5%。經營利潤於期內上升13.0%,上升的驅動力來自大幅增長54.0%的中國業務,因為公司得益於全國化部署及良好庫存管理的競爭優勢。相反,美國和歐洲主要因生豬和豬肉價格之間的差異收窄,均出現經營虧損。

於期內,生豬出欄量上升6.5%。經營利潤為7,000萬美元(比較期間:虧損4,300萬美元)。由虧轉盈的主要驅動因素是美國於本期間內生豬價格提升及對衝業績有利。於歐洲的經營利潤亦有所上升,原因是受惠於中國及歐洲非洲豬瘟蔓延而導致的價格上漲。但是,中國的業務卻因成本結構變差而面臨非洲豬瘟的負面影響。

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