WH GROUP-万洲国际(00288) - 2023 Q3 - 季度业绩

Financial Performance - Revenue declined by 4.5% to $19,488 million, and operating profit fell by 36.4% to$ 1,047 million[1] - Profit attributable to the company's owners (before biological fair value adjustment) decreased by 37.7% to $569 million, with basic earnings per share dropping by 37.7% to 4.43 cents[1] - The company's operating loss in the U.S. and Mexico was$ 551 million, compared to an operating profit of $85 million in the previous period[7] - The company expects continued pressure on short-term financial performance due to unfavorable operating conditions and high production costs[8] Sales and Market Trends - Meat product sales decreased by 1.9% to 2,387 thousand tons, while pork sales decreased by 0.7% to 2,961 thousand tons[1] - In China, pork sales increased by 7.4% due to expanded production, while sales in the U.S. and Mexico decreased by 4.5% due to business restructuring[7] - Average pig prices in China fell by 10.6% to RMB 15.42 per kg ($ 2.19), while in the U.S., prices dropped by 17.7% to $1.40 per kg due to weak demand[3] - In Europe, the average carcass price increased by 29.3% to €2.34 per kg ($ 2.54) due to tightening supply[3] - European operations improved significantly, with an operating profit of $61 million compared to an operating loss of$ 18 million in the previous period[7] Corporate Governance and Oversight - The financial data for the nine months ending September 30, 2023, has not been audited but has been reviewed by the board's audit committee[9] - The executive directors of the company include Mr. Wan Long, Mr. Guo Lijun, Mr. Wan Hongwei, Mr. Ma Xiangjie, and Mr. Charles Shane Smith[9] - The non-executive director is Mr. Jiao Shuge, while the independent non-executive directors are Mr. Huang Ming, Mr. Liu Zhantian, and Ms. Zhou Hui[9] - The board of directors is actively involved in overseeing the financial performance and strategic direction of the company[9] - The review process is part of the company's governance framework to maintain transparency and accountability[9] Strategic Focus and Future Outlook - The company plans to focus on restructuring its industry value chain and expanding its sales network while managing prices and controlling costs[8] - The company is committed to ensuring the accuracy of the financial information presented to stakeholders[9] - The financial results will provide insights into the company's operational efficiency and market positioning[9] - The company is focused on enhancing shareholder value through strategic financial management[9] - The financial data will be crucial for future investment and corporate decision-making processes[9] - The announcement date is October 24, 2023, indicating the timeliness of the financial review[9]