WH : January-September Net Profit Rose 8.5%

By Martin Mou

WH Group Ltd. said Tuesday that its net profit for the first nine months of the year rose 8.5%, reflecting higher revenue.

Net profit rose to $890 million as revenue increased 9.2% to $18.77 billion, the China-based pork company said.

WH Group, which also operates in the U.S., said hog prices in China more than doubled due to the ongoing effects of the African Swine Fever, but prices fell in the U.S. in the first nine months of the year, partly due to oversupply of hogs .

The company expects the pandemic's impact on its business to be temporary, given pork is a consumer staple.

Write to Martin Mou at [e-mail]

(END) Dow Jones Newswires

10-27-20 0502ET